HCMC – The Ministry of Finance has written to the Prime Minister presenting its plan to increase the charter capital of the HCMC Urban Railway No. 1 One-member Limited Liability Company (HURC1) after receiving a petition made by the HCMC People’s Committee.

The ministry has approved the plan to increase the charter capital of the HURC1 from the municipal budget worth VND268 billion, which the HCMC People’s Committee had petitioned the Prime Minister to obtain the policy approval.

HURC1 is a newly-established, 100% state-owned enterprise with its first registered capital of VND14 billion. The company is preparing to take over Metro line no. 1 once it is put into service.

The company is now short of funds to pay the employees compensation in the run-up to the Lunar New Year. The company’s financial shortfall over a long period has led to the resignation of a qualified workforce and a shortage of technicians.

With the plan to increase HURC1’s charter capital made by the Ministry of Finance, the HCMC People’s Committee requested the relevant departments and agencies to advance funding for HURC1 to enable it to pay employees’ salaries.