HCMC proposes to choose HFIC investor of Thu Thiem financial center

The HCMC People’s Committee has proposed the Government to approve its choice of HCMC Financial Investment Company (HFIC) which is a state-owned and set up by the committee to be the investor of a financial center project in Thu Thiem New Urban Area.

An artist's  impression of Thu Thiem New Urban Area in HCMC

An artist's impression of Thu Thiem New Urban Area in HCMC

If being approved, the company will be the investor of the center project at two land parcels numbered 1-7 and 1-11 in functional area no.1, Thu Thiem New Urban Area, District 2.
The committee hoped that the Government would allow it to hire the two land parcels without auction to implement the project.
According to the city People’s Committee, the financial center will call for and facilitate operations of domestic and foreign financial organizations, banks, investment funds and large groups in the world.
The gathering of financial organizations and credit institutions will open up foreign capital flow to Vietnam and HCMC, creating a premise for Thu Thiem to become an economic and financial hub of HCMC, Vietnam and Southeast Asia.
In addition, the center will be the major financial tool of the city to mobilize financial resources for socioeconomic infrastructure development amid the context of budget difficulties in the city.
The 20-50 storey center is scheduled to be built from 2018-2021 with total floor area approximating 220,000 square meters and investment funds of VND4,898 billion (US$216 million).

HANH NHUNG - Translated by Hai Mien

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