Sovico-HDBank consortium proposes $1.84 bln landmark tower in HCMC int’l financial center

A consortium comprising Vietnam’s private conglomerate Sovico Group and HDBank (HoSE: HDB) has proposed investing $1.84 billion to develop a 99-story financial tower in Ho Chi Minh City, intensifying competition to shape the skyline of Vietnam’s planned International Financial Center.

In a proposal submitted to local authorities, the investors outlined plans to construct a landmark mixed-use complex on a 12,600-square-meter site in the Thu Thiem New Urban Area.

The move marks the second major consortium to seek approval for the project development, following an earlier $1.15 billion proposal by a group including REE, Ho Chi Minh City Finance and Investment State-owned Company (HIFC), and VinaCapital.

The Sovico-HDBank plan envisions a 99-floor tower with six basement levels on a 12,600-square-meter plot, offering total floor space of more than 436,000 square meters. The complex would be developed as a mixed-use hub, combining Grade A+ office space, commercial and service areas, luxury residences for professionals, a five-star hotel, and an international convention center.

The consortium said it would take full responsibility for construction, operation and commercial management of the project. The development timeline is expected to span five years, including one year for foundation and basement works, two years for structural construction, and another two years for completion.

To accelerate the project, the investors are seeking preferential mechanisms, including strategic investor designations, flexible land-use terms, and approval of investment policy in parallel with investor selection.

They also asked for countenance to develop a fully integrated mixed-use complex, including serviced apartments tailored to the specific framework of the financial center.

The proposed capital structure includes roughly 17% equity, with the remainder to be financed through debt and external funding partners.

The Sovico-HDBank consortium is part of a broader business ecosystem linked to VietJet Air’s chairwoman billionaire Nguyen Thi Phuong Thao, whose business ecosystem spans aviation, finance, and real estate. Sovico is the largest shareholder in HDBank.

The competing proposals come as HCMC presses ahead with its “one center, two locations” model for the Vietnam International Financial Center, spanning the southern metropolis and the central city of Danang.

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.