return icon

$4 billion project in Thu Thiem new urban area may face rejection

VietNamNet Bridge - The HCM City People’s Committee is keeping the development plan initially designed for Thu Thiem new urban area and does not expect to approve new projects not under the original plan.

VietNamNet Bridge - The HCM City People’s Committee is keeping the development plan initially designed for Thu Thiem new urban area and does not expect to approve new projects not under the original plan.


The Thu Thiem Urban Area Management Board recently sent a document to the People’s Committee on the Thu Thiem program, repeating its view that it won’t accept investment projects which require an adjustment of the initial development plan. 

Regarding the $4 billion project suggested by a group of US investors, the board said it needed more research on the programming and infrastructure functions.

In late May 2016, Johnathan Hanh Nguyen, president of IPP Group, and three investors from the US suggested an investment project with capital of $4 billion in Thu Thiem new urban area in district 2. 

The project, if implemented, would comprise a 70-storey tower and lower towers, an office building, shopping mall and entertainment area. 

The investors want to set up the project in Zone 1 of the urban area, in the northern part of the core, designed to be a high-density multi-functional trade & service center. 

There would be several key construction works, including a convention center, museum, opera theatre and programming information center.

The construction works there are supposed to be no more than 50 stories. The number of permanent residents would be 14,900, while the number of people at work 81,700.

The HCM City People’s Committee is keeping the development plan initially designed for Thu Thiem new urban area and does not expect to approve new projects not under the original plan.

According to the management board, the detailed design of the project submitted by the investors show that only the 70-storey building has a financial service function, which fits the design, while other items have functions different from the original plan.

Nguyen The Minh, deputy head of the Thu Thiem Urban Area Board of Management, said Zone 1 comprises 11 land plots, but the investors plan to use only one plot to build towers, and another 10 plots for resorts and restaurants.

“This will spoil the initial plan which called for the land to be an area for finance & banking,” Minh said.

According to Minh, the investors plan huge investment capital of $4 billion. However, to date, they have not shown detailed information about the capital arrangement.

HCM City Mayor Nguyen Thanh Phong said city authorities had also received US investors who wanted to build a resort in Thu Thiem, but he turned down the project.

related news



Canadian traveler says she spent less than $100 a day in HCMC

A Canadian female traveler says she spent only VND1.6 million, or $67, on accommodation, entertainment, meals and travel for one day in HCM City.

Universities fail to attract students in some majors

Although few candidates enroll and the entrance score is very low, many training majors of many universities still fail to admit enough students while the actual demand for human resources in this field is in great shortage.

Japanese travelers love to visit Da Nang, experience Vietnamese culture

Yoshinori Yakabe, Japanese Consulate General in Da Nang, said Japanese travelers love to experience ecological tours and learn about culture when they come to Vietnam.

After 7 years of study, young doctors earn less than VND5 million a month

Citing low income as one of the reasons behind the brain drain from the public to the private sector, the Ministry of Health (MOH) believes this is causing problems in the health sector.


Foreign investment from ASEAN important to Vietnam: HSBC

Defence Minister meets with RoK Prime Minister in Seoul

Prime Minister of the Republic of Korea (RoK) Han Duck-soo hosted a reception in Seoul on March 29 for Vietnamese Minister of National Defence Gen. Phan Van Giang.

Ninth National External Information Service Awards launched

The ninth National External Information Service Awards was launched in Hanoi on March 29.

Vietnam draws over 2.69 million foreign tourists in Q1

Vietnam welcomed more than 2.69 million foreign tourist arrivals in the first quarter of 2023, 29.7 times higher than that of the same period last year, the General Statistics Office (GSO) has reported.

Doha Cup 2023: Vietnam's U23 football team return home with "empty hand"

Vietnam’s U23 team left Doha Cup 2023 with an "empty hand" after a close loss to their Kyrgyz rivals on March 29 (Vietnam time).


Government issues details on aid for ethnic minority housing, land reclamation

GDP growth of 3.32% in Q1 nears lowest level in 13 years

Vietnam’s gross domestic product (GDP) grew by 3.32% in the first quarter of the year, higher only than the growth rate of 3.21% recorded in the first quarter of 2020 in the 2011 to 2023 period, according to the General Statistics Office.

Four Japanese banks to provide US$300 million for Vietnamese renewable energy

Four Japanese banks are set to co-finance a total of US$300 million to provide credit lines to power producers using renewable energy in the nation as part of efforts to help the growing country in its decarbonising process.

15 short stories by Vietnamese writer published in RoK

A collection of 15 short stories written by local author Nguyen Huy Thiep were introduced to Korean readers by Wisdom Publishing House in March.

Hanoi’s ancient pagoda in the red-silk cotton tree season

In March, red-silk cotton trees bloom, showing off their beauty at the thousand-year-old Thay Pagoda in Quoc Oai district in Hanoi.

VN Government calls for broad-based measures to help realty sector

The Vietnamese Government has recently urged ministries to take measures to help the realty sector get back on track and sustain its healthy growth.