At its eighth session for the 2021–2026 term on the morning of February 6, the 10th Ho Chi Minh City People’s Council approved the plan to select an investor for the Binh Quoi–Thanh Da New Urban Area project. Covering about 406 hectares in a key urban development area, the project is expected to require an investment of over VND98 trillion (US$3.8 billion).
The selection of the project investor will be conducted through a bidding process for investor selection involving land use, in accordance with the 2024 Land Law, the Law on Bidding, and resolutions of the National Assembly on special mechanisms and policies for Ho Chi Minh City’s development.
Previously, the Binh Quoi–Thanh Da New Urban Area project had been included in the list of projects subject to investor selection through bidding under Resolution No. 452 of the Ho Chi Minh City People’s Council. However, under Resolution No. 260 of the National Assembly amending and supplementing Resolution No. 98, the project is classified as a strategic project and is eligible for investor selection under a special mechanism.
The Ho Chi Minh City People’s Committee proposed that the municipal People’s Council issue a resolution to repeal Resolution No. 452, affirming that the repeal would not impact the investor selection process currently being implemented under the special mechanism.
The Ho Chi Minh City People’s Committee is responsible for organizing the investor selection for the Binh Quoi–Thanh Da New Urban Area project in accordance with Resolution No. 260 of the National Assembly and relevant legal regulations.
Recently, the Ho Chi Minh City People’s Committee publicly announced information and began receiving registrations and proposals to implement the Binh Quoi–Thanh Da New Urban Area project.
Investor selection will be carried out under a mechanism for reviewing and approving a strategic investor in accordance with specific regulations. Ho Chi Minh City will review and make a decision in cases where only one investor fully meets the required conditions. In cases where two or more investors submit proposals, within seven days from the receipt of valid dossiers, the investment registration authority will report to the municipal People’s Committee to issue scoring criteria and establish an evaluation council to ensure openness and fairness.
The project has received in-principle approval from the Standing Committee of the Ho Chi Minh City Party Committee to adopt the strategic investor selection method, as proposed by the Party Committee of the Ho Chi Minh City People’s Committee.
