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About HCM City > Posts > City announces action plan to warm up Thu Thiem New Urban Town
Economic HubTuesday, 08/22/2006, 08:38

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<br>
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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 attraction.

 

(Source: The HCM City People's Committee)

 


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