A Ministry of Defense-owned enterprise has received permission from the Ho Chi Minh City government to map out a feasibility study to develop a car park under Bach Tung Diep Park in downtown. The Urban Services Joint Stock Co., an affiliate of the Ministry of Defense's Electronics-Informatics-Chemicals Co., plans to build a five-level parking lot under the park surrounded by Nam Ky Khoi Nghia, Pasteur and Ly Tu Trong streets. The facility will include three stories for parking areas that will be able to accommodate 480 cars and 400 motorcycles at a time. … [Read more...] about HCMC greenlights underground car park project
Greenlight project
Gov’t greenlights industrial-service center in northern Vietnam
Vietnam's government said it will soon approve an industrial-service zone in northern Vietnam proposed by Vietnamese-Singaporean venture VSIP, one of the nation's leading industrial park developers. VSIP, a venture between local Becamex IDC Corp. and Singapore's Sembcorp Industries, has suggested to build the Vietnam - Singapore Industrial Park (VSIP) Bac Ninh on 700 ha in Tien Du and Tien Son districts, Bac Ninh province. VSIP Bac Ninh will include 500 ha for industrial facilities and 200 ha for commercial-residential-service area. … [Read more...] about Gov’t greenlights industrial-service center in northern Vietnam
Gov’t greenlights finance plan for Vietnam’s first subway
The central government has approved a capital arrangement proposal by Ho Chi Minh City for Vietnam's first subway, a US$1.1 billion project. Following a dispatch issued Tuesday, Deputy Prime Minister Nguyen Sinh Hung approved the city government's recommendation that management, site clearance, value added tax and other fees for the Ben Thanh - Suoi Tien subway subject project be financed by the municipal budget. The city will be responsible for contributing the counter capital of $186.6 million, which makes up 17 percent of the total investment capital required for the project. The $904.7 million balance will be sourced from Japanese aid. … [Read more...] about Gov’t greenlights finance plan for Vietnam’s first subway
Vietnam greenlights $4.2-bln casino-resort in south
Vietnam has given the go-ahead for a Canada-based casino and resort group to build a US$4.2-billion tourism complex in a southern beach area near Ho Chi Minh City, the government said Thursday. Asian Coast Development (Canada) Ltd., or ACDL Group, has received the green light for the Ho Tram Strip project in the seaside province of Ba Ria-Vung Tau, located east of Vietnam’s southern hub. The ground-breaking ceremony Saturday will be attended by former Canadian Prime Minister Jean Chretien, who is currently visiting the Southeast Asian country, said a report on the official government website. ACDL Group says on its website that it plans to develop "a five-star coastal paradise consisting of casinos, five stunning resorts, and a gorgeous 200-acre golf course set on the white-sand beaches of VungTauTown." The first phase of development would include two five-star hotels with 2,300 rooms and "Vietnam’s first Las Vegas-style casinos." The … [Read more...] about Vietnam greenlights $4.2-bln casino-resort in south
Vietnam plans more spending on public projects
The government of Vietnam is seeking approval from the National Assembly to use more bond proceeds to fund public projects not included in the original priority list submitted to the legislative body. The Ministry of Planning and Investment on Friday announced a plan to invest VND5.5 trillion of proceeds from government bonds issued in 2012-2015 on irrigation projects, news website VnExpress reported. The spending had been greenlighted by the legislature earlier. However, in a surprise move, the ministry also asked for approval to use another VND4.47 trillion for five new projects, including two bridges, a university dormitory and an oncology hospital. Minister of Planning and Investment Bui Quang Vinh said these projects were added because they are urgent and should be funded. While most members of the National Assembly Standing Committee recognized the importance of the projects, they were concerned about overspending even as the government has announced plans to reduce public … [Read more...] about Vietnam plans more spending on public projects