May 16 – Construction began last month on four main roads in the Thu Thiem New Urban Area, a development located near the heart of Ho Chi Minh City (HCMC).
Construction of the Thu Thiem New Urban Area has been steady, with 99 percent of the seven square kilometer area already cleared, with the adjacent Thu Thiem tunnel and bridge already having been completed. Construction is currently expected to be completed by 2025, with its developers promoting the area as the future financial and cultural hub of Vietnam and Southeast Asia.
Economic recession, however, has slowed the development of other key infrastructure projects in the area. At the Conference on Investment Promotion held earlier this month, investors voiced their concerns, citing worries over the slow infrastructure development in addition to the high land prices and restrictive administrative regulations. Continue Reading