City announces action plan to warm up Thu Thiem New Urban Town
The HCM City People�s Committee has announced a five-year action
plan for the Thu Thiem Peninsula with the aim of developing the wetland area in
District 2 into a new modern center in Vietnam and the region.
According to a decision of the municipal People�s Committee, in
the 2006-2010 period, HCM City will boost investment promotion activities to
attract local and foreign investors to invest in construction projects in Thu
Thiem. The target is to develop 40-50% of the area�s total zoning by 2010,
equivalent to 2.5-3 million square meters of housing, commercial centers,
hotels, offices and other facilities.
Incentive policies and strategies for investment, finance,
construction and investment management as well as promotion for the Thu Thiem
New Urban Town will be launched.
HCM City will focus on completing the detail zoning plan at 1/500
scale in 2007, site clearance and compensation for the planned 657-ha urban area
and resettlement areas covering 180 ha.
Basic technical infrastructure and public works at the town�
central area such as the administrative center, an international conference and
exhibition center, a cultural and entertainment center, a central square and a
park will be finished as soon as possible.
To make Thu Thiem more attractive to investors, the city
authorities will offer incentives to attract excellent and experienced experts
to Thu Thiem as well as propose the central government issue specific policies
to ensure the development of the area as planned.
The city will cover the estimated VND10-trillion (some US$625
million) cost for site clearance and compensation for affected households, and
make careful preparation for investment projects with high requirements in the
Thu Thiem area.
Infrastructure projects relating to the development of the Thu
Thiem New Urban Town such as subway and railway routes, canal and water
environment improvement, inner-city port relocation, expressway to link HCM City
and the new airport in Dong Nai Province�s Long Thanh District and key road and
bridge projects will be given priority. Investment incentives will be launched
to attract investors in high-quality services like banking, insurance,
securities, transport, tourism, science and technology.
A pilot housing program for overseas Vietnamese and foreign
expatriates will be implemented to encourage more investors to spend money in
real estate projects in Thu Thiem.
The 'one-door' administrative model will be applied to create
favorable conditions for regional and international integration and investment
(Source: The HCM City People's Committee)