Big investors set sights on infrastructure projects in Ho Chi Minh City
By Hua Phuong
May 09, 2019 | 05:53 PM GMT+7
The authorities are calling for investment in 210 key projects with a total development cost of up to $53.8 billion.
Developing transport infrastructure in Ho Chi Minh City needs about $41.9 billion of investment.
Of the 210 projects, which were announced yesterday at an investment promotion conference, transport accounts for the lion’s share, with 85 projects taking up $41.9 billion of the required investment funds.
The city is also calling for $4.9 billion of investment in 36 projects and $2.1 billion in 26 urban redevelopment projects.
Some big local and foreign investors have expressed their keen interest in these projects.
Harold Chen, vice president of Alpha King Real Estate Development, expected Ho Chi Minh City authorities to give his firm the permission to carry out research and investment in a skyway project.
He revealed that their partner in Vietnam, Build Your Dream Co., Ltd., has so far invested $800 million in the five-year research and development of BYD Sky Rail and contracted over 1,000 engineers to work on developing a monorail system.
Meanwhile, Nguyen Thi Nga, chairwoman of BRG Group, believed that Ho Chi Minh City could further develop its hospitality and entertainment facilities.
Nga said BRG was developing a handful of hotel and office projects in the city, including Hilton Garden Inn, Crowne Plaza, Diamond Complex, which it has acquired over the last few years.
BRG is also studying opportunities to develop a recreation complex in Hoc Mon district and a Hello Kitty park.
Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said while the scale of Vietnam’s real estate market has doubled over the past decade, it has not been able to meet the actual demand.
What’s more, the city is facing serious issue of overloaded urban infrastructure, traffic jams, and environmental pollution.
Chau thus noted that the association and other real estate companies wanted to be involved in the development of the transport, urban infrastructure as well as commercial and service projects.
Doan Van Binh, Chairman of CEO Group and Vice President of the Vietnam National Real Estate Association, introduced his latest book, “Vietnam Real Estate for Foreigners,” at a launch event in Hanoi on Friday.
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