On October 22, Khang Dien House Trading and Investment JSC (Khang Dien) and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) signed a credit agreement for urban renewal projects in the Ma Lang and Cho Ga–Gao areas, with a total credit limit of nearly VND13.5 trillion (US$522.5 million).
Standing Deputy Secretary of the Ho Chi Minh City Party Committee Le Quoc Phong, Vice Chairman of the Ho Chi Minh City People’s Committee Hoang Nguyen Dinh, and representatives of municipal departments and agencies attended the signing ceremony.
The event follows the project's groundbreaking ceremony on August 29, 2026, marking further progress in implementing the city’s urban renewal policy and improving living conditions in existing residential areas. The credit agreement provides a basis for the investor and the bank to coordinate funding arrangements to meet the project’s capital requirements and ensure implementation in line with the schedule.
Speaking at the ceremony, Vice Chairman of the Ho Chi Minh City People’s Committee Hoang Nguyen Dinh commended VietinBank and Khang Dien for their proactive efforts and close coordination in securing financial resources for the project. Under the plan, the city is expected to begin paying compensation to affected households as early as next week. VietinBank’s commitment to disbursing funds immediately after the signing ceremony will help ensure the availability of financing, enabling the city to expedite compensation and site clearance and proceed with subsequent implementation steps.
The Vice Chairman of the Ho Chi Minh City People’s Committee stressed that the urban renewal projects in the Ma Lang and Cho Ga–Gao areas carry profound humanitarian significance and are being undertaken to advance social welfare rather than generate profits.
The Ho Chi Minh City Party Committee and authorities have identified residents as the central focus of the implementation process, ensuring that the legitimate rights and interests of affected households are protected. On-site resettlement has been proposed to enable residents to stabilize their lives in the areas where they have lived for many years.
The city’s leadership expressed confidence that Khang Dien, drawing on its experience in housing and apartment investment and construction, would implement the projects on schedule, contributing to urban renewal and improvements in residents’ quality of life.
Under the project’s implementation plan, the initiative aims not only to transform the urban landscape but also to address housing needs, improve living conditions, and ensure social welfare. Upon completion, residents eligible for resettlement will have the opportunity to return to modern, well-appointed housing developments equipped with synchronized technical infrastructure and community amenities, including parks, schools, and other essential facilities.
A VietinBank representative said the bank’s participation in financing the project reflects its commitment to supporting Ho Chi Minh City’s urban development orientation and social welfare objectives. The bank expressed confidence in the city’s leadership and direction, coordination among municipal departments and agencies, and Khang Dien’s implementation capacity. It also pledged to provide appropriate financial resources and solutions and work closely with the investor throughout the project’s implementation.
The investor pledged to mobilize the necessary resources, experience, and implementation capacity while coordinating with relevant authorities and partners to ensure quality, meet the project schedule, and comply with applicable laws and regulations.
Following the groundbreaking ceremony and the signing of the credit agreement, close coordination between the city authorities, the investor, and the bank is expected to help expedite the project’s implementation, improve housing conditions, strengthen social welfare, and create a more modern and well-planned urban landscape for Ho Chi Minh City.
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