Vietnam Business Channel

Thu Thiem in District 2 is Ho Chi Minh City’s future financial center

An artist rendering of Ho Chi Minh City’s District 2 – Thu Thiem area.

Ho Chi Minh City's Thu Thiem development in District 2 is expected to become the city’s future financial center and an important part of a planned "innovative urban area" in the eastern part of the city, according to Nguyen Thien Nhan, General Secretary of the Ho Chi Minh City People’s Committee.

Speaking at a recent event that discussed outlooks for the 2020 ~ 2025 period that was held last week, Nguyen praised the district’s significant achievements in the previous 5-year term and said that the district needs to continue its goal to create favorable conditions for economic, cultural and social development, while also striving to ensure residents in District 2 have the best quality of life.

Nguyen said that District 2 should focus on attracting investors in banking, high technology, and finance and “Give priority to developing local human resources, and ensure that local people are able to enjoy all of these achievements.”

He added that the district should place priority on issues related to land use and management, the environment, and general planning amid changes caused by rapid urbanization and he predicted there will be an increase in demand for residential and commercial property in the district when the "innovative urban area" in the eastern part of the city is formed.

According to HCMC statistics, in the period of 2015 ~ 2020, District 2 saw an average annual economic growth rate of more than 16%, and the growth of the services and commerce sectors reached more than 28% per year, accounting for 88% of all sectors in the district.

During the period of 2015 ~ 2020, District 2 has expanded banking, financial services, housing, office rental and retail services, while adding 32 new high rise apartment buildings and completed 114 roads and other infrastructure items.

Over the next five years, Ho Chi Minh City plans to merge District 2, District 9 and the Thu Duc district to form an innovative urban area in the eastern part of the city that will cover more than 210 square kilometers of land and be home to 1.1 million people.

Related to each area, the Thu Thiem area in District 2 will provide infrastructure and international exhibition space, while the Saigon Hi-Tech Park in District 9 will be a hub for research and incubation of innovative technologies.

The Thu Duc area will continue to evolve as an education hub that comprises educational institutions and research centers, as well as four large universities, with more than 10,000 teachers, professors and lecturers actively teaching 100,000 students.

Once the new “innovative urban area” is fully developed, Districts 2, 9 and Thu Duc are expected to contribute more than 30% of the city’s GDP and 7% of national GDP.

 

 

 

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