Under the newly approved proposal, the project will be spearheaded by Bcons Construction Investment Joint Stock Company. Notably, the development will be financed entirely through corporate capital and executed as a "turnkey" delivery.
Presenting the submission at the meeting, Vice Chairman of the Ho Chi Minh City People’s Committee, Nguyen Cong Vinh, stated that the project had been approved in principle by the Ho Chi Minh City People’s Council in 2016, with the groundbreaking ceremony held on October 10, 2025.
According to the project dossier, the construction covers a land area of more than 39,911 square meters, with a total floor area of 38,012 square meters. The total investment is estimated at nearly VND1.125 trillion (US$43 million), classified as a Group A project. The implementation timeline is expected to run from 2025 to 2028.
A report by the Management Board of Industrial and Civil Engineering Construction and Investment Projects of HCMC indicated that the project officially commenced in October 2025.
In early 2026, the Executive Committee of the Ho Chi Minh City Party Committee issued a resolution approving, in principle, the proposal to adopt a public–private partnership (PPP) model, specifically a build–transfer (BT) contract with payment to be made through land assets, for the Political–Administrative Center and the Central Lake green park project.
By April 2026, the Standing Board of the Ho Chi Minh City People’s Committee had concluded the adjustment of investment modalities for major projects. Accordingly, it agreed in principle to convert the Ho Chi Minh City Children’s Palace and the Symphony, Music, and Ballet Theatre projects from public investment to a PPP approach for further study and implementation.
Subsequently, Bcons Construction Investment Joint Stock Company proposed conducting research to invest in the construction of the Ho Chi Minh City Children’s Palace under a BT contract model without requiring payment.
Under the revised planning option, the construction site of the Ho Chi Minh City Children’s Palace is to be relocated to an adjacent land plot. A new Children’s Palace will be proposed for redevelopment at the new site, while the existing land parcel will be converted into a green park and public square. This area will form part of the Political–Administrative Center and the Central Lake green park project.
Following assessment, the participation of a private enterprise in constructing and sponsoring the project in accordance with the approved design and planning, alongside the transition from public investment to a build–transfer (BT) contract model without payment, has been deemed consistent with the policy direction of attracting private investment resources. On that basis, the Department of Construction has proposed that the Ho Chi Minh City People’s Committee approve the change in the project’s investment modality.
Under the proposed plan, Bcons Construction Investment Joint Stock Company will mobilize its own capital to undertake the entire project, including design, construction, and handover under a turnkey model. The enterprise is expected to complete the design phase within three months and the construction phase within 12 months after obtaining the construction permit.
About the nearly VND345 billion (US$13.2 million) already disbursed, the Management Board for Civil and Industrial Construction Investment Projects of Ho Chi Minh City has proposed that the investor of the Central Square and Ho Chi Minh City Administrative Center project, to be implemented under the public–private partnership (PPP) model, reimburse this amount to the city budget.
