Consult foreign investors on new city, HCMC told

By Trung Son   August 18, 2020 | 06:19 am PT
Consult foreign investors on new city, HCMC told
Thu Thiem Peninsula which will be part of a new innovative urban area of Ho Chi Minh City, August 2019. Photo by VnExpress/Quynh Tran.
Deputy PM Truong Hoa Binh has asked HCMC to consult foreign investors on its plan to transform three eastern districts into an ‘innovative urban area.’

The government has agreed in principle to a Ho Chi Minh City proposal to merge its three eastern districts – Thu Duc, 9 and 2 into one administrative unit, temporarily called the "Thu Duc City."

To build this city within the city, an unprecedented move in Vietnam, HCMC should seek advice from foreign investors, including technology, finance, and real estate corporations, the deputy PM was quoted as saying in a Government Office statement.

He said that by collecting their opinions, the city can understand better the investment needs and infrastructure requirements, and add those inputs into the planning of Thu Duc City.

The consultation can be done online, he added.

In order to attract investment for the city within the city, HCMC must clarify how the new area would be distinguished from other urban areas in Vietnam, as well as other financial and technological centers in Asia, he said.

Planning for Thu Duc City should also be in accordance with the general plans for HCMC as well as the southeastern region to avoid overlaps that could lead to unnecessary competition within HCMC and the region, he said.

The plan to combine Districts 2, 9 and Thu Duc into one administrative unit and make it an "innovative urban area" was submitted in May by the municipal Home Affairs Department to the city People’s Committee.

This area has been on the anvil since 2017. City authorities had said back then that it would create a bright future for both local residents and businesses.

It would encompass the hi-tech park in District 9, the university precinct in Thu Duc District and the new urban area and financial center on the Thu Thiem Peninsula in District 2, propelling the city’s plan to turn itself into a smart city.

At a May 8 meeting with the city, Prime Minister Nguyen Xuan Phuc had endorsed the project in principle and assigned the Ministry of Justice to guide the city on the next steps to take.

The new city will be spread over 211 square kilometers and house more than a million people.

It is expected to contribute 30 percent of the city’s economic growth, or 4-5 percent of the nation’s.

Experts have said that the city would need to apply specific policies akin to Pudong in China’s Shanghai and Gangnam in South Korea’s Seoul.

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