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$5 billion investment proposed for HCMC's riverside

Released at: 09:19, 22/03/2015

$5 billion investment proposed for HCMC's riverside

Local authorities say South Korean project will develop area in keeping with other new infrastructure.

by Hoai An

South Korean investor the EUNSAN & OUE Corporation has proposed implementing a project at Ba Son Shipyard in Ho Chi Minh City, with total investment expected to be $5 billion.

According to the Ho Chi Minh City People’s Committee, this is a key project to adjust the city center to be in sync with other infrastructure such as the Thu Thiem 2 Bridge and Metro Line No. 1. In the new project there will be an underground passage from the Ho Chi Minh City Opera House the metro line’s Ba Son Station.

However, the people’s committee told VET that the shipyard is under the control of the Ministry of Defense. If the government and the ministry approve the project the city and related ministries and departments will focus on supporting EUNSAN & OUE to conduct a breaking ground ceremony on the 70th anniversary of National Independence Day, on September 2 this year.

According to the detailed plan for urban construction approved by the people’s committee, the Sai Gon - Ba Son downtown complex is bounded by the Saigon River, Ton Duc Thang Street, and Nguyen Huu Canh Street. The planned area is 24 ha, of which a financial center is expected to account for 40 per cent while 20 per cent will be for residential areas. The remainder is for services such as shopping centers and luxury hotels. The area is to become a group of high-rise buildings to develop the local socio economy.

The Ho Chi Minh City People’s Committee has also assigned the Department of Urban Planning and Architecture to coordinate with the District 1 People’s Committee and the City’s Department of Culture, Sports and Tourism to analyze the proposed plan to turn the Ba Son Mechanical Workshop into a museum on Vietnam’s revolutionary history.

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