HCMC wants to develop a financial center in Thu Thiem new urban area. (Photo: cafef)
The project is planned to cover 2 land lots Code 1-7 and Code 1-11, belonging to the Functional area No. 1 in Thu Thiem new urban area, District 2. The Management Board of Thu Thiem is responsible to lead the project, in coordination of relevant departments and agencies to advise the HCMC People's Committee.
Reportedly, this project is aimed at developing a financial, banking, commercial and general service center. As planned, the total land area of the financial center building is 14,461 sqm, with 2 towers of 20-50 floors. The total investment of the project is about VND 4.898 trillion. Work on the project is scheduled to be implemented between 2019 and 2021.
Site clearance work at these two lands plots has been completed. This project is included in the list of 210 projects that HCMC authorities call for investment this year. Many domestic and foreign investors have expressed their interest in the project, such as: Refrigeration Electric Engineering Corporation (REE); Joint venture of Company CP 216 and Van Phu Investment JSC; Joint venture of Sakkara (Australia) and GIC (Singapore); Steelman Partners Vietnam Co., Ltd. (USA); HCMC Finance and Investment Company (HFIC), etc.
A view of the Thu Thiem New Urban Area project in HCMC's District 2. A financial center project in Thu Thiem is attractive to both local and foreign investors. (Photo: Le Anh)
The Thu Thiem New Urban Area Management Board is coordinating with the relevant departments and agencies to choose investors for the financial center complex on two land lots at Thu Thiem Peninsula's functional zone No. 1. The two land lots have been cleared to make room for the project.
The HCMC’s Department of Natural Resources and Environment is assigned to assume the prime responsibility and coordinate with the Land Fund Development Center to carry out the review in order to ensure a strict legal basis; advise and propose the city People's Committee in organizing the auction of land use rights for the above-mentioned land lots in accordance with the current laws.
Meanwhile, HFIC has worked with Fulbright University Vietnam and the relevant departments and agencies to draw up a plan to develop the city into an international financial center. HFIC is consulting with the relevant units to take the plan forward.
According to experts, HCMC is a financial hub of the country, but it has yet to develop into an international hub.
In addition to developing a financial center, the city should enhance the application of technology to its financial services, build more seaports and make conditions favorable for large financial groups.
