REE-led consortium proposes $1.15 billion landmark tower in HCMC int’l financial center

A consortium comprising REE Corporation, Ho Chi Minh City Finance and Investment State-owned Company (HIFC), and VinaCapital has proposed a 99-story financial tower project in Ho Chi Minh City at the cost of $1.15 billion, as Vietnam accelerates efforts to build an international financial center.

The investors have submitted the proposal to Ho Chi Minh City authorities, outlining plans to establish a joint venture that would be responsible for the construction, operation, and commercial management of the project, located at the Thu Thiem area, local media reported.

HFIC is a state-owned financial institution under the HCMC People’s Committee, specializing in mobilizing capital for large-scale infrastructure projects. REE, originally a mechanical and electrical contractor, has evolved into a diversified infrastructure group with investments in energy, water, and real estate.

According to the proposal, the tower would be built on a 10,000-square-meter site and feature 99 above-ground floors and five basement levels, with a total gross floor area of around 400,000 square meters. Designed as a mixed-use complex, it will include office space along with units available for sale and long-term lease of up to 70 years.

Total investment is estimated at $1.15 billion, with equity contributing 20%, or about $230 million. The remainder would be financed through debt and customer pre-sales. REE is expected to hold the largest stake at 43%, followed by HFIC with 33% - primarily through land-use rights - and VinaCapital with 24%.

The proposal comes as Vietnam advances the development of the Vietnam International Financial Center, established under a National Assembly resolution in June 2025. The initiative follows a “one center, two locations” model spanning Ho Chi Minh City and Danang. At the Ho Chi Minh City site, the international financial center began initial operations in February and is being developed around key pillars such as aviation finance, maritime finance, commodity exchanges, and advanced clearing and settlement systems.

To accelerate implementation, the consortium has requested a range of special policy mechanisms, including approval to integrate residential and hotel components into the project, stagger land-use payments over three years, and apply a benchmark land price of around VND350 million ($13,290) per square meter. The investors also seek to streamline procedures by allowing simultaneous approval of investment policy and investor selection.

The broader financial center in HCMC is planned to span approximately 899 hectares, covering core districts and parts of the Saigon River, with capacity for around 1,000 high-rise buildings. Total investment is preliminarily estimated at about VND172 trillion ($7 billion), with an initial VND16 trillion allocated for core infrastructure development in Thu Thiem.