According to Johnathan Hanh Nguyen, president of IPP Group, which, together with three US investors, wants to develop a big complex in Thu Thiem with investment capital of $4 billion, the investors’ preparatory works for the project, from capital arrangement to detailed drawings, have been completed. Construction will kick off as soon as the investors receive the investment license.

Johnathan Hanh Nguyen is a well-known businessman who has introduced US investors to HCM City authorities. 

The TPP finance & conference center is expected to cover an area of 11 hectares with financial, entertainment and tourism centers including a 70-story tower, other smaller towers and office-shopping-entertainment areas.

“The building would bring hundreds of billions of dollars to Vietnam because it would help lure hundreds of businesses,” Nguyen said.

Howard Lutnick, President and CEO of Cantor Fitzgerald Group, at a meeting with HCM City Party Committee’s Secretary Dinh La Thang, said that the investors were ready to implement the project as soon as they receive the license.

Howard Lutnick represents a group of US investors who suggested the $4 billion project in early May 2016.

Cantor Fitzgerald was the owner of the twin towers in the US which were destroyed in a terrorism attack on September 11, 2001. With support from the US government, the group has revived and developed strongly. 

The president of the group came to HCM City some days ago on the occasion of US President Barack Obama’s visit to Vietnam in order to reaffirm the US investors’ desire to develop the financial center project.

HCM City authorities welcome the project.  Thang said the investors had made a wise decision investing in HCM City, the dynamic economic center of the country.

However, some problems have arisen as investors want to change details of the project, while the overall development planning for Thu Thiem area has already been approved by city authorities.

The investors want to build a complex with a 70-storey tower, other lower buildings and closed entertainment areas. 

Meanwhile, in the overall development plan for Thu Thiem area, the project would include 11 buildings, each building on one block.

“I persuaded the investors to shorten the investment process. And I think management agencies also should shorten the procedure of licensing to help investors,” the IPP president said.

NLD