American businesses plan to invest in Thu Thiem new urban area

By Bizhub

Representatives from the four US investors and Johnathan Hanh Nguyen (first left) , chairman of Imex Pan Pacific Group, meet with the party secretary of the HCM City's Party Committee Dinh La Thang (centre) in HCM City. — Photo cafef.vn

HCM CITY (Biz Hub) —American businesses plan to invest in a large project in Thu Thiem new urban area that would be turned into a leading service and finance centre, according to the Government's news portal.

Under the project, an 11-hectare complex worth US$4 billion is expected to include residential areas and a financial, commerce and entertainment centre.

The four investors, Imex Pan Pacific Group, Cantor Fitzgerald, Weider Resorts and Steelman Partners, initially planned to invest $200 million to $300 million, but have increased the total investment to $4 billion, according to Johnathan Hanh Nguyen, chairman of Imex Pan Pacific Group.

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Nguyen discussed the project with the secretary of the city's Party Committee Dinh La Thang last week.

In the future, the Cantor Fitzgerald Group will invite six to eight other large US companies to invest in the city, Nguyen said.

William Weidner, chairman and CEO of Global Gaming Asset Management and Principal of Weidner Holdings, said that many American companies began inquiring about investment opportunities in the city after the Trans-Pacific Partnership (TPP) agreement was signed on February 4.

The model of Thu Thiem New Urban Area. — Photo cafef.vn

The investors have met officials at the Ministry of Planning and Investment, the city People's Committee and the Thu Thiem Management Board to ensure the project's process. It will then be submitted to the Prime Minister for approval.

Nguyen Thanh Phong, chairman of the city People's Committee, said that he appreciated the American companies' goodwill and emphasized that the TPP trade agreement would bring "a new investment wave" to the city.

He said that HCM City would try to create a favourable environment for foreign investors.

For the project in the Thu Thiem area, the city People's Committee chairman has assigned the Department of Planning and Investment to work with the area's management board and American investors on details of the co-operation.

He said the project would not only develop the area, but also help the city become a leading financial centre in the region. —VNS