The peri-urban growth in Ho Chi Minh City (HCMC) has been expanding into low-lying areas, which play a crucial role in preserving the natural ecological balance for urban regions. Under the threat of increasing climate change impacts, the trade-offs of converting the green (and blue) infrastructure (GBI) in the peri-urban area became a critical issue to clarify. This article reviews the methodologies used to calculate the economic values of protecting GBI and the relevant experience in adopting them using nature-based solutions. The authors then analyze the HCMC development context to propose a strategic framework to cope with the new wave of urban expansion in the peri-urban of this mega-city.