Mr. Dinh La Thang receives U.S. investors. (Photo: Trung Hieu/Thanh Nien newspaper)
A consortium of three U.S. firms and Vietnam’s Imex Pan Pacific Group (IPP) has unveiled a plan to invest up to $4 billion in a real estate complex in the fast-growing Thu Thiem new urban zone in Ho Chi Minh City, local media report.
Cantor Fitzgerald, Weider Resorts, Steelman Partners and IPP decided to make such a landmark investment instead of $300 million drawn up initially, after Dinh La Thang, head of HCM City’s party committee, expressed hope that the city would regain the leading role in Southeast Asia, said IPP Chairman Johnathan Hanh Nguyen.
The consortium plans to build a mixed-use complex covering an area of 11 hectares, with the core being an office tower which is poised to become a financial center, accommodating foreign and domestic enterprises.
If approved, the project will be the U.S.’s largest private investment in Vietnam.
Once the complex is in place, Cantor Fitzgerald will invite six to eight U.S. companies to invest in Ho Chi Minh City, with their offices to be located within the facility.
Speaking at the reception for the businesses, Mr. Dinh La Thang reiterated his pledge to create favorable investment climate for foreign investors in the city, aiming to make the metropolis a new financial hub in the region.
Mr. Thang hoped the visit of U.S. President Barack Obama to Vietnam later this month would enhance the comprehensive partnership between the two nations and more American investors would come to the Southeast Asian country.