VietNamNet Bridge – HCM City is holding a conference to promote investment in the Thu Thiem urban area on May 8 to introduce potentials and call for investment in the most beautiful urban area in Southeast Asia.

Site clearance has reached more than 99 percent but due to economic recession, the Thu Thiem urban area is still desolate. The expected most modern urban area of Southeast Asia has not been formed.

 

According to the Thu Thiem New Urban Area management board, the conference will provide general information and planning information of the Thu Thiem New Urban Area, infrastructure projects, the progress of land acquisition and the implementation of projects.

The investment promotion conference will also introduce an overall picture of Thu Thiem New Urban Area at present and in the future. This will be a modern and expanded center of HCM City with the main functions as the center of finance, commerce, high level services of the city and the region.

On May 6, the HCM City administration also requested the Thu Thiem New Urban Area management board to accelerate the investment in infrastructure, first of all four major roads and the Vong Cung Avenue to call for investment in business projects in the center and the northern residential area.

In addition, city leaders also asked the board to concentrate on the project adjacent to the Saigon River (opposite side of districts 1, 4, 7,) including ecological zones in the south, the central square and waterfront parks, combined with low-rise housing projects and towers, office, commercial services along the East-West Highway.

The city also required relevant agencies to cooperate with the Thu Thiem New Urban Area management board to strengthen the investment into the area with preferential policies to select investors of international brands, experience and financial capability.

The Thu Thiem New Urban Area was approved by the Prime Minister in 1996, with the aim of becoming the center of finance and trade at international level and it is expected to be the most beautiful urban area in Southeast Asia.

To prepare for this major project, HCM City has spent more than 10 years to clear 15,000 households with about 60,000 people in the five wards of District 2. More than 99 percent of the site clearance task has completed.

The capital for site clearance, by the end of the January 2013, was estimated at over VND16.6 trillion ($830 million). In addition, the city has invested trillion dong for transport infrastructure to connect Thu Thiem Peninsula with District 1, Binh Thanh District and to build houses for people whose land and houses were revoked.

However, after 17 years, this is still a deserted area, without a single work. Most recently, on April 26, HCM City held a groundbreaking ceremony for the four main roads of the Thu Thiem urban area with a capital of VND10 trillion and low-rise residential areas.

S. Tung