HCM City’s People’s Committee has proposed the Prime Minister to approve the selection of State-owned HCM City Financial Investment Company (HFIC) as investor of the municipal financial centre, enternews.vn, a news site of Viet Nam Chamber of Commerce and Industry, reported.

The centre will cover two land lots of 1-7 and 1-11 in the Thu Thiem New Urban Area’s functional zone No 1 in District 2.

The financial centre is expected to attract investment from financial institutions, banks and investment funds nationwide, as well as private, domestic and foreign economic groups.

The operation of the financial and credit institutions in the centre will draw capital from foreign countries into the Vietnamese market in general and HCM City in particular, creating a premise for the Thu Thiem New Urban Area to become the financial and economic hub of HCM City, the region and whole country.

In addition, the financial centre will also be a key financial instrument of the city in mobilising medium and long-term capital at home and abroad to invest and develop socio-economic infrastructure, especially in the period when the city’s capital source for investment is facing difficulties.

The project is expected to include a 20 to 50-storey building with total floor area of ​​some 220,000sq.m and total investment of VND4.8 trillion (US$215 million). The project construction period is scheduled to last from 2018 to 2021.

Binh Quoi-Thanh Da urban area project

In related information, the People’s Committee of HCM City has also asked the Prime Minister to approve the appointment of property developer Bitexco Group as investor of the Binh Quoi-Thanh Da urban area project in Binh Thanh District.

The project, located right at the heart of the city, has been delayed by decades.

According to the Doi Song va Phap Luat (Life and Law) website, in 1992, the project was approved by the municipal People’s Committee. In 2004, Saigon Construction Corporation was appointed to be the investor and constructor of the project. However, due to the lack of capacity, this unit failed to implement the project and by 2010, the People’s Committee had revoked its decision.

In 2016, Bitexco and Emaar Properties PJSC, based in the United Arab Emirates, were approved to execute the project. However, the project had still been postponded as Emaar Properties PJSC announced to stop their work on the project, the website said.

The project was expected to become a modern ecological urban area, covering 426.93ha. Total investment is some VND30.7 trillion.

The first phase of the project construction (2016-2020) will focus on completing compensation for people whose land has been broken for ground clearance and investment in the construction of major technical works.

In phase 2 (2021-2025), investors will invest in technical infrastructure and functional areas of the project. Construction of the remaining areas will be completed by 2030. — VNS