Thu Thiem New Urban Area fails to lure investors

Photo: SGGP
Photo: SGGP

According to the Thu Thiem New Urban Area management board, investors are not being lured into this ambitious project to develop the area along the Saigon River in District 2 into a financial, commercial and entertainment hub, much like Shanghai in China.

This was disclosed at a conference organized to promote investments into the new urban area. In order to attract investors, participants are considering proposing a new land price policy.

In addition, the City is being asked to give the project’s management board more autonomy as at present the board is dependent on various agencies and departments. 

However, some investors said at the conference that the government should have preferential policies for investors such as exemption of business and personal income tax, transparency in investment procedures and preferential treatment to investor volunteers.

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