A project to develop a billion-dollar complex of universities in HCMC by Malaysia’s Berjaya Land Berhad has almost ground to a dead halt, as the investor has disbursed less than 0.2% of its planned investment of VND55 trillion in the project after nearly ten years.

An artist’s impression of the Vietnam International University Township project 

The Vietnam International University Township (VIUT) project in HCMC’s Hoc Mon District was licensed in mid-2008 with total pledged capital of VND56 trillion, or US$3.5 billion at the time. 

However, the investor has disbursed a mere VND96.5 billion to date.

The project worth VND56 trillion was expected to turn the city’s northwest area into an international university township, according to Le Huynh Kim Mai, deputy director of the HCMC Department of Planning and Investment.

However, few steps have been completed so far, namely the 1/500-scale zoning plan (completed in 2011), the site clearance and compensation plan (2013), site clearance and compensation of over 100 hectares, and contributed capital of VND96.5 billion, Mai told reporters last Friday.

The investor initially planned to execute the project within 10 years after the receipt of the investment certificate.

A recent check shows the progress has been slow in areas like land clearance and capital contribution, she added. 

“Land compensation for this project is relatively more complicated than others citywide. The investor has recently managed to push up the project, such as transferring an additional US$2.5 million for land compensation, and committed to capital contribution.”

The project was expected to become the most modern higher-education educational center in Southeast Asia but nearly 10 years later, its development is still confined to wasteland.

According to the previous master plan, the project is located in the North-West Metropolitan Authority Area, which is among the three major satellite urban areas in HCMC besides Saigon South and Thu Thiem. 

It covers over 9,000 hectares in Cu Chi and Hoc Mon districts and is nearly 30 kilometers from the city center.

SGT