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Thu Thiem Exhibition Center: It is dificult to choose investor

Estimated total investment of Thu Thiem Exhibition Center project is about $200 million

Although the City People’s Committee. The Intertrade Singapore Pte Ltd and Saigon Bund Capital Partners BVI have not been able to become the official investors of the Exhibition Center Project in Thu Thiem New Urban Area 2, HCMC)

At the meeting with Prime Minister Nguyen Xuan Phuc recently, leaders of the city. Ho Chi Minh City has proposed the Prime Minister to allow the City to decide to select investors to implement the complex project Exhibition Center in Thu Thiem new urban area under the provisions of Article 26 of the Law on Tendering – Investors in special cases.

HCMC is proposing to apply a special mechanism
HCMC is proposing to apply a special mechanism to select investors for the Exhibition Center in Thu Thiem New Urban Area

The reason for this suggestion is that the selection of investors for the Exhibitions Center is currently having problems, whether in the form of open bidding (under Article 20) or appointment of contractors (in accordance with Article 20). Article 22).

In particular, pursuant to Article 22, the project is not subject to the designation of the investor. However, the implementation of public bidding also encountered big problems as the Joint Venture has spent itself to study the idea of ​​planning – architecture. Therefore, if the city uses this architectural design for bidding, it will infringe copyright.

If the city is building the architectural plan, it will take a lot of time, while the Exhibition Center will take up to 4 years to find the right investor.

This “difficult” has led the city. HCM must ask the Prime Minister to apply special cases to select investors. However, so far, this proposal has not been approved by the Prime Minister.

Estimated total investment of Thu Thiem Exhibition Center project is about $200 million
Estimated total investment of Thu Thiem Exhibition Center project is about $200 million

Previously, as VietnamFinance has informed, after 4 years did not greet investors for the project Exhibition Center Thu Thiem, in March 2016, Ho Chi Minh City has proposed the Prime Minister to approve the mechanism of authorization for the City People’s Committee to decide and take responsibility for the project investor selection options.

At that time, Tan Hiep Phat and Gaw Capital Partners – Pico Investment had expressed their interest in this project, especially Gaw Capital Partners, which had positive moves

It is known that Saigon Bund Capital Partners – one of the two members of the Union of investors is Ho Chi Minh City – is the unit set up by Gaw Capital Partners (affiliated with NP Capital Partners).

City leaders Ho Chi Minh City said the proposal of the Joint Venture of Intertrade Singapore Pte Ltd and Saigon Bund Capital Partners was the investor as it meets the requirements of the City for the development of a national exhibition center with large scale.

According to the announcement of the Investment Management Board of Thu Thiem New Urban Area project, the exhibition center has an area of ​​about 16.8 hectares, of which the development area of ​​the project is about 83.183 sqm, the park about 76,000 square meters and the rest is traffic. The complex will consist of buildings with a height of 6-20 stories and a floor area of ​​about 300,000 sqm.

The approved design of the project is “lotus petals”, the main highlight is the dome of the specially designed exhibition center, which is visible from the far west (west side of the river Saigon from the existing center or on the Thu Thiem 1 and 2 bridges, and at the same time create architectural highlights in the central area of ​​Thu Thiem new urban area.

Estimated total investment of the project is about $ 200 million, equivalent to about VND4,500 billion, the payback period is 20 years.

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