26 years on, HCMC seeks new investors for mega urban area

Created 10 August 2018
  • PDF
Editor Choice
(0 votes, average 0 out of 5)

The HCMC People’s Committee has instructed the city’s Department of Planning and Investment to identify investors for the Binh Quoi-Thanh Da Urban Area Project via auctions.

26 years on, HCMC seeks new investors for mega urban area


The long-delayed urban area project, in Binh Thanh District, is estimated to cost VND30 trillion ($1.32 billion).

The Department of Construction has been instructed to allow local residents to repair and upgrade houses, which they have been unable to do for many years because no such work is allowed on the project site.

At a meeting with the People’s Council last month city Chairman Nguyen Thanh Phong had assured there would be no further delays in the project.

The Binh Quoi-Thanh Da Urban Area project was approved by People’s Committee in 1992.

In 2004 the Saigon Construction Corporation was chosen as the developer.

But with the company unable to go ahead with the project, in 2015 the city handed it to a consortium comprising of Vietnam’s leading private firm Bitexco and Dubai’s Emaar Properties.

In 2017 Emaar Properties pulled out two years later blaming it on delays in land acquisition.

Last year the city sought government approval to name Bitexco as the sole developer investor, a move expected to end the 25-year delay.


Source: VNE

Maybe You Also Interesting :

» Vietnamese firms conspicuously absent as auto parts industry thrives

Vietnam enjoys a trade surplus in the auto parts industry, but domestic firms play no role in this success.  

» $30,000 monthly salary for Japanese ODA consultants too high: Vietnam

Vietnam has said the Japanese insistence that its official development assistance (ODA) consultants should be paid $30,000 a month is unreasonably high. ...

» Further improving tourism business environment

Citizens from five European countries will enjoy visa exemptions for the next three years, from the beginning of July, 2018. The policy and tourist promotion...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet