HCMC to call Japanese capital to invest in urban refurbishment projects
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HCMC to call Japanese capital to invest in urban refurbishment projects
  • NGUYEN ANH DUONG 기자
  • 승인 2018.03.31 23:52
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HANOI, March 11 (Engineering Daily) -- Urban refurbishment projects have been drastically implemented by Ho Chi Minh city (HCMC) authorities, prioritizing to call for capital from foreign investors, including Japanese enterprises.

According to the content of the program "Urban Refurbishment and Development", by 2025, HCMC will drastically carry out the relocation and clearance of nearly 20,000 households on the rivers and canals to implement the renovation work. The relocation plan will be implemented in two phases: from 2015 to 2020, the relocation of 9,805 households along dykes and canals will be carried out; from 2020 to 2025, the relocation and reorganization of people's lives will be completed.

Su Ngoc Anh, Director of the Department of Planning and Investment of HCMC, one of the biggest difficulties is still the capital to compensate and clear the ground. Capital requirements are about VND 25,745 billion. While, the budget of HCMC is only VND 2,508 billion, the city needs to mobilize more than VND 23,000 billion more to cover compensation and ground clearance cost.

Participated in the conference " Urban Refurbishment and Development" co-hosted by HCMC Real Estate  Association (HoREA) and Japanese Conference for Overseas Development of Eco-Cities (J-CODE), Keiji Kimura, Chairman of J-CODE, said that many Japanese enterprises want to participate in urban upgrading projects in HCM City. The association currently has 57 members, with extensive experience in financial management, development planning and construction of urban infrastructure.

According to Le Hoang Chau, Chairman of HoREA, about 5 recent years, some Japanese investment funds and enterprises have cooperated with real estate companies in Vietnam in the form of buying shares or contributing capital to invest or lending to develop real estate projects in accordance with Japanese standards. For examples, Tokyu invested in Hung Thinh Corporation and  Becamex; Hankyu, Nishi Nippon Railways with Nam Long Corporation; Mitsubishi Corporation with Phuc Khang Corporation; ACA with Son Kim Land; Sanyo Home with Tien Phat Company; Creed Group with An Gia Company ...

"Potential investment and business cooperation of real estate companies in Japan and Vietnam is very big in the coming time," Chau acknowledged and said, there are about 40 representatives of corporations from Japan.

Representative of HoREA expects that in the coming time, there will be many contracts for investment, business and development of real estate projects signed between Vietnamese and Japanese companies. Japanese enterprises will directly invest in or cooperate with domestic enterprises to implement the project.

Earlier, in early February, 2018, HCMC held a conference to invite investment in the implementation of renovation projects, relocation of houses along dykes and canals and urban embellishment. Information at this conference said that the total investment demand for economic development in HCMC in the period 2016-2020 is VND 1.8 million billion; for infrastructure development, VND 0.18 million billion. In particular, the urban embellishment and development program is one of the seven major breakthrough programs of the city.

With regard to infrastructure projects involving Japanese enterprises, HCMC leader recently said that in 2018, the city will continue to raise the budget of more than VND 1,000 billion for the Metro No. 1 project (Ben Thanh - Suoi Tien). This project has signed 3 loan agreements with Japan with more than VND 31,200 billion, disbursed nearly VND 12,000 billion VND, reaching 38%. To date, the project has completed nearly 50% of the quantity.

Recently, HCMC has continued to propose the Metro Line No. 3a project section Ben Thanh - Tan Kien. The project has a total investment of USD 2.2 billion, with a length of 19.8 km, of which 9.7 km underground and 10.1 km high.



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