Vessels are anchored at the Ba Son Shipyard in HCM City. A South Korean company is expected to build a $5 billion urban complex near this area. — VNA/VNS Photo Hoang Hai

HCM CITY (Biz Hub) — HCM City People's Committee Chairman Le Hoang Quan has asked relevant agencies to establish a working group responsible for the implementation of an urban project in District 1.

The committee made the announcement on March 19, saying that the US$5 billion complex will be built by a South Korean firm on land near the Ba Son Shipyard. South Korea's EUNSAN & OUE Group is expected to begin construction of the project on National Day or September 2.

Quan said this was one of the key projects that would help develop the city in line with an adopted master plan. The urban areas and trade centres of the complex will be synchronised with the surrounding infrastructure, such as the Thu Thiem 2 bridge and the metro line No 1.

He noted that as the location was special in terms of national defence, the Government and the Ministry of Defence would decide on further procedures before the project is executed.

The municipal Department of Planning and Investment has been tasked with guiding the South Korean firm for establishing a legal entity in the city in accordance with current regulations. — VNS