HCMC sets up Thu Thiem urban development board
Ho Chi Minh City’s administration has established Thu Thiem Urban Development Area Management Board to better support the Thu Thiem peninsula’s development process.
The new board is a result of the restructuring of the city administration’s Thu Thiem Investment & Construction Authority. The city’s Thu Thiem Construction and Investment Consulting Service Center was also incorporated into the new board.
The new unit’s tasks include helping the city administration manage urban development on the peninsula, surrounded by Saigon River and expected to become a new growth driver for the southern economic hub.

A corner of Thu Thiem today in Ho Chi Minh City, southern Vietnam. Photo courtesy of Zing magazine.
The board is responsible for managing and supervising the process of Thu Thiem urban development subject to planning, ensuring synchronous connection of technical infrastructure systems, managing projects invested by state budget sources assigned by the HCMC People's Committee, and other tasks.
It is also in charge of working with relevant agencies to build annual and five-year plans for Thu Thiem so that the city administration can make approvals.
It is allowed to organize investment promotion activities and propose preferential policies and specific mechanisms for construction and investment in this area.
The board will also function as a unit making urban development proposals for HCMC administration appraisal if assigned by the People's Committee; preparing plans to select investors for the committee to make decisions; and guiding and supporting investors in preparing for and developing projects on the peninsula.
Once expected to become the Pudong of Vietnam, the Thu Thiem area on the other side of Saigon River has witnessed slow development for more than a decade. Late last April, after three years of construction and a further four-year delay, Thu Thiem 2 Bridge opened to traffic, also connecting the peninsula with District 1, HCMC’s heart, to ease traffic on the existing Thu Thiem Bridge and Thu Thiem Tunnel placed under the river. The new bridge has been renamed after its location as Ba Son.
Developing Thu Thiem faster is one of the major tasks for HCMC, Vietnam’s economic powerhouse.
Thu Thiem was formerly expected to attract multinationals, international banks, and investment funds to become a financial hub in HCMC to compete with Singapore, Hong Kong, or Seoul. The dream is still far from being real because most associated projects are for housing or shopping purposes.
South Korea’s Lotte Group started the construction of its $900 million multi-function Eco Smart City project in Thu Thiem last September. The 5-hectare site is envisaged as a combination of a shopping mall, hotel, office buildings, serviced apartments and residential complex.
Thu Thiem Urban Area spans 657 hectares. To date, the area still has a number of land lots not yet allocated for development purposes.
- Read More
While the buzz around a market upgrade is back, who is this milestone for?
A key issue for the Vietnamese stock market is the underdevelopment of the institutional investor base. The dominance of retail investors can create heightened volatility, which, in turn, reduces the incentive for high-quality companies to list on the stock exchange, writes Gary Harron, head of securities services at HSBC Vietnam.
Consulting - Fri, March 28, 2025 | 10:31 am GMT+7
Vietnam's private lender VIB seeks strategic shareholders: chairman
Vietnam International Bank's (VIB) board of directors is now in discussions with banks and investment funds to find suitable partners for the lender, ensuring a mutually beneficial partnership that goes beyond finance.
Banking - Fri, March 28, 2025 | 8:31 am GMT+7
Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam
Vietnam’s leading tech group FPT on Thursday inaugurated its high-tech and semiconductor R&D center at the Danang Software Park No. 2 in the central city of Danang.
Industries - Fri, March 28, 2025 | 8:00 am GMT+7
HCMC's international financial center development to be phased out: city leader
Ho Chi Minh City aims to become an international financial center, with related development plan divided into three phases, said Vo Van Hoan, its Vice Chairman.
Economy - Thu, March 27, 2025 | 11:11 pm GMT+7
Car producers in Thailand postpone export models
Car manufacturers in Thailand have decided to delay making some models for export due to U.S. President Donald Trump's new tariff policy.
Southeast Asia - Thu, March 27, 2025 | 10:17 pm GMT+7
Indonesia approves $7 bln budget for food security in 2025
Indonesia’s Ministry of Finance on Wednesday announced that the government has approved a budget of IRD118 trillion ($7.1 billion) for food security programs in 2025.
Southeast Asia - Thu, March 27, 2025 | 10:14 pm GMT+7
Honda Vietnam rolls out first domestically produced electric scooter
Honda Vietnam has officially launched its first domestically produced electric scooter, the ICON e:, marking a significant step in the company’s electrification and sustainable mobility strategy in Vietnam.
Southeast Asia - Thu, March 27, 2025 | 10:09 pm GMT+7
Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030
The seaport system in the central Vietnam province of Quang Ngai will need about VND10.83 trillion ($423.54 million) in investment by 2030, according to the detailed 2021-2030 development plan for local seaport land and water areas, with a vision to 2050.
Southeast Asia - Thu, March 27, 2025 | 10:06 pm GMT+7
Leading steelmaker Hoa Phat targets record revenue on partial operation of central Vietnam plant
Hoa Phat Group, Vietnam’s top steelmaker, targets a record-high revenue in 2025, driven by the expected partial operation of a steel and iron complex in the central region this year.
Companies - Thu, March 27, 2025 | 8:10 pm GMT+7
Offshore wind power developer CIP seeks long-term cooperation with Vietnam
Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, is seeking to reach long-term cooperation with Vietnamese businesses in the offshore wind power sector.
Energy - Thu, March 27, 2025 | 4:16 pm GMT+7
Vietnam giant VinFast moves to expand EV service in Philippines
VinFast, Vietnam’s largest electric vehicle (EV) manufacturer, has partnered with MGA.414 Corporation, the operator of the JIGA automotive service chain, to expand its EV service network in the Philippines.
Southeast Asia - Thu, March 27, 2025 | 3:48 pm GMT+7
Vietnam's MobiFone officially launches 5G services
MobiFone, one of Vietnam’s leading telecommunications providers, has officially commercialized its 5G services, becoming the third network operator in the country to do so.
Southeast Asia - Thu, March 27, 2025 | 3:45 pm GMT+7
Thanh Cong Group inaugurates first automobile manufacturing plant in Vietnam's Quang Ninh province
Vietnamese automaker Thanh Cong Group officially inaugurated its Thanh Cong Viet Hung automobile manufacturing plant on Wednesday at the Viet Hung Industrial Park in the northern province of Quang Ninh.
Southeast Asia - Thu, March 27, 2025 | 3:32 pm GMT+7
Vietnam willing to open doors to US agricultural products: minister
Vietnam is actively preparing to open its market to U.S. agricultural products such as tangerine, plum, and lemon, Vietnamese Minister of Agriculture and Environment Do Duc Duy said on Wednesday.
Economy - Thu, March 27, 2025 | 3:08 pm GMT+7
S Korea chaebol Lotte eyes hypermarket in northern Vietnam
South Korean conglomerate Lotte is eyeing projects in Thai Nguyen province, an industrial hub in northern Vietnam, firstly a hypermarket.
Industries - Thu, March 27, 2025 | 12:15 pm GMT+7
Dubai-based PDSI eyes $2.6 bln investment in tourism-golf course project in central Vietnam
PDSI Group, a Dubai-based real estate and consulting firm, has expressed interest in developing a $2.6 billion commercial, tourism, and golf course complex in Binh Thuan, a south-central coastal province of Vietnam.
Real Estate - Thu, March 27, 2025 | 11:38 am GMT+7