The Department of Education and Training is seeking public feedback on the proposal until August 8.
The scheme would cover students from Grades 1 to 12 at both public and private schools who cannot swim and choose to enrol.
Each student would be eligible for a one-off subsidy of up to VND 700,000 to cover pool rental, instructors, lifeguards and course assessments. Swimming gear and personal equipment would not be included.
Schools without swimming facilities would also receive transport support of up to VND 20,000 per student per lesson for about 16 sessions. Students travelling independently would not be eligible for the transport subsidy.
According to the department, HCM City has more than 2.1 million students, of whom over 1.2 million cannot swim. Only 182 schools, or about 11 per cent of the city's total, have swimming pools.
If all eligible students joined in the first year, the programme would cost nearly VND 1.2 trillion (USD 45.6 million), including VND 878 billion for swimming lessons. Annual funding would then fall to about VND 180 billion for an estimated 188,000 students.
The proposal aims to improve access to swimming skills and reduce drowning risks in a city with an extensive network of rivers and canals.
The move follows a directive issued by the prime minister in May calling on the Ministry of Education and Training to finalise a national swimming curriculum and expand swimming lessons in schools.