Ho Chi Minh City calls for investment to build $210 million financial hub

By Hung Le   June 2, 2019 | 05:13 pm PT
Ho Chi Minh City calls for investment to build $210 million financial hub
The planned Thu Thiem Urban Area in HCMC's District 2 seen from above. Photo by VnExpress/Quynh Tran
HCMC is soliciting investment to build a VND4.9 trillion ($210 million) financial, banking and trade center in Thu Thiem New Urban Area.

The complex will spread over nearly 14,500 square meters and be built between 2019 and 2021, according to its Department of Planning and Investment.

It will require two land parcels in Thu Thiem, in District 2 east of the Saigon River, for two towers of 20-50 floors. Compensation payments for the land have been made, the department said.

The project is one of 210 projects the city has prioritized for investment this year. The department said many investors have expressed interest in it, both domestic and foreign.

The domestic firms are Refrigeration Electric Engineering Corporation (REE), state-owned HCMC Finance and Investment Company (HFIC), hospitality company 216 Corporation, and real estate firm Van Phu Invest.

The foreign firms include Australian property developer Sakkara, Singapore sovereign wealth fund GIC and U.S. architecture company Steelman Partners.

HFIC is currently working with Fulbright University Vietnam and city agencies to draw up a plan to develop the city into an international financial hub.

Its research team will come up with an assessment of the current status of HCMC as a national financial hub to formulate specific policies and action schemes for this plan.

Thu Thiem, touted for the last two decades as the next central business district, was originally a densely populated but underdeveloped area in the last century.

Plans to develop the area began in the late 90's, and land acquisition began in 2002. An international design competition was held, and in 2003 the submission by U.S. design firm Sasaki Associates was selected.

Since then the project has been mired in delays, with resettlement of land-owners proving difficult and legal troubles arising from missing title deeds.

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