HCMC axes long-delayed urban project
Ho Chi Minh City has withdrawn its in-principle approval issued in 2007 for the 6.8-hectare Ma Lang urban complex in District 1 as the investor Bitexco failed to make progress.
The entrance from Nguyen Cu Trinh street to the Ma Lang area, HCMC's District 1. Photo courtesy of Young People newspaper.
The municipality asked relevant agencies to inform Bitexco that the firm's proposal on continuation of the project and implementation of the Saigon Hospital project was groundless.
The 8.2-hectare Ma Lang area is a slum in District 1, surrounded by the prime locations of Nguyen Cu Trinh, Cong Quynh, Nguyen Trai, and Tran Dinh Xu streets.
HCMC planned to upgrade the area in 2000 and approved Bitexco as the investor in 2006. In 2017, HCMC asked District 1 to start land recovery, site clearance, and the resettlement of about 1,400 households. However, progress has been on hold. HCMC initiated the withdrawal of the project in 2021.
Tiny houses in the Ma Lang area. Photo courtesy of Viet People newspaper.
As the project is under planning, no adjustments or sales of houses in the area are allowed. In combination with zero progress, Ma Lang has fallen into disrepair over the years.
- Related News
- Read More
Korean textile maker Panko Vina to shut Vietnam operations from Feb
Panko Vina Co Ltd, a South Korean textile manufacturer, will cease all production and business operations in Vietnam from February 1, 2026, ending more than 23 years of operations in the country.
Companies - Wed, December 24, 2025 | 9:13 pm GMT+7
Vietnam's garment giant Vinatex posts second-highest profit in 30 years despite trade headwinds
Vietnam National Textile and Garment Group (Vinatex), the country's top garment maker, expects consolidated profit to reach VND1,355 billion ($51.5 million) in 2025, the second-highest result in its 30-year history, despite mounting global trade and cost pressures on the industry.
Companies - Wed, December 24, 2025 | 5:03 pm GMT+7
Finding a new balance
The State Bank of Vietnam's proactive and flexible monetary policy in 2026 is expected to maintain market operations within a stable range. For businesses, particularly those in the external sector, it remains essential to proactively hedge against exchange rate and interest rate risks to protect their bottom line, writes Vu Binh Minh, associate director, FX Trading, MSS, HSBC Vietnam.
Consulting - Wed, December 24, 2025 | 4:47 pm GMT+7
Thai giant Central Retail sells Vietnam electronics business to Pico for $36 mln
Thailand’s Central Retail has announced the sale of its Vietnamese electronics retail business to local retailer Pico Holdings JSC for nearly THB1.14 billion ($36 million), as it sharpens its focus on core businesses in the country.
Companies - Wed, December 24, 2025 | 2:00 pm GMT+7
What should investors reasonably expect from IPO stocks?
Experience from both Vietnam and global markets shows that initial public offering (IPO) stocks rarely deliver immediate gains. However, investors who select companies with solid fundamentals and maintain a long-term holding strategy can be rewarded for their patience.
Finance - Wed, December 24, 2025 | 10:45 am GMT+7
Vingroup completes $325 mln overseas bond issuance
Vingroup, Vietnam's biggest listed company by market capitalization, has completed its international issuance of bonds totaling $325 million, with a 5-year maturity, and listed on Austria's Vienna Stock Exchange.
Finance - Wed, December 24, 2025 | 10:17 am GMT+7
Vietnam's public investment-linked stocks seen benefiting in 2026
Capital flows in 2026 are expected to favor sectors that stand to benefit from Vietnam’s public investment drive, including infrastructure, energy, and construction, market experts said.
Finance - Wed, December 24, 2025 | 9:33 am GMT+7
High gold prices to drive prices of property, goods in Vietnam: Sunhouse chairman
In a scenario where gold prices remain elevated in Vietnam, the real estate market is likely to follow suit, pushing income levels higher and driving up prices across other goods, said Nguyen Xuan Phu, chairman of Sunhouse, a leading home appliance manufacturer, while outlining his 2026-2030 forecast.
Economy - Wed, December 24, 2025 | 8:00 am GMT+7
Malaysia’s economy grows robustly in 2025: IMF
Malaysia has shown notable resilience amid global trade tensions and policy uncertainty, with its economy growing at a healthy pace this year, supported by strong domestic consumption and investment, solid employment growth, and a global upcycle in the technology sector, according to Masahiro Nozaki, Mission Chief for Malaysia at the International Monetary Fund (IMF).
Southeast Asia - Tue, December 23, 2025 | 10:07 pm GMT+7
Indonesia to stop rice imports next year
Indonesia will not import rice for either consumption or industrial use next year, citing sufficient domestic production, according to a government official.
Southeast Asia - Tue, December 23, 2025 | 10:04 pm GMT+7
Indonesia faces challenge of balancing wages, labor costs
Indonesia plans to raise minimum wages by about 5-7% in 2026 under a new formula signed into law by President Prabowo Subianto, a move that could test the country’s cost competitiveness in Southeast Asia.
Southeast Asia - Tue, December 23, 2025 | 10:00 pm GMT+7
Philippines extends sugar import ban
The Philippine Government has decided to extend its ban on sugar imports until the end of December 2026, as domestic supply has improved.
Southeast Asia - Tue, December 23, 2025 | 9:56 pm GMT+7
Duc Giang Chemical stock comes under heavy selling pressure as bottom-fishing shares return
DGC shares of Duc Giang Chemical Group JSC (DGC) closed Tuesday at VND71,600 apiece, down 4% from Monday which saw a 6.27% increase after four sessions of sharp declines last week.
Companies - Tue, December 23, 2025 | 9:49 pm GMT+7
Hanoi clears zoning for major mall project after Aeon exit, Thaco arm steps in
Hanoi authorities have approved a detailed zoning plan for an 8.03-hectare mixed-use site in Hoang Mai district, paving the way for a shopping mall-led development after Japan’s Aeon withdrew and a unit of Vietnam’s Thaco Group moved in.
Real Estate - Tue, December 23, 2025 | 5:05 pm GMT+7
Viettel Commerce partners with China’s Dreame Technology to expand home appliance ecosystem in Vietnam
Viettel Commerce and Import-Export Co. Ltd., one of the core pillars in trade and logistics of the military-run telecom giant Viettel, has signed a strategic cooperation agreement with China-based Dreame Technology, a global high-end technology brand, in Hanoi.
Companies - Tue, December 23, 2025 | 3:38 pm GMT+7
Former LPBank chairman becomes acting Sacombank CEO
Former chairman of Vietnamese private lender LPBank Nguyen Duc Thuy on Tuesday assumed the role of acting CEO at Sacombank, immediately after completing the handover at LPBank.
Banking - Tue, December 23, 2025 | 3:30 pm GMT+7
