Investment Opportunities In Phu My Hung City Center
Vietnam join Trans-Pacific Partnership Agreement (TPP)
Participation in the TPP will open up opportunities for Vietnam to attract foreign investment in general, including foreign direct investment (FDI), foreign indirect investment (FII) and others.
So, the opportunities to attract FDI and FII from TPP member countries are enormous. Moreover, as Vietnam continues to enjoy economic growth, the need for houses is growing. And with the enactment of the Revised Housing Act in July 2015, the restrictions on real estate purchases by foreigners have been eased, which is expected to lead to further growth in the housing market. TPP is a good signal and chance for large and significant projects like Phu My Hung City Center to attract more foreign human and financial resources.
Phu My Hung City Center - New Project
Daiwa House, Nomura Real Estate, and Sumitomo Forestry partnered with major local developer Phu My Hung Development Co. to launch a condominium development project targeting company executives, senior professional people and expatriates in Vietnam. The project named Midtown District is part of Phu My Hung City Center and this will be the first real estate development project by the Japanese company. It is expected to start construction in early 2017.
Phu My Hung City Center – Current Situation
Currently, Phu My Hung Development Corporation has attracted many local and foreign investors in the new center. Over 16 significant banks, 30 commercial projects and services (Unilever, Manulife, Petroland, Porsche, BMW, Mercedes, Saigon Paragon, Vinamilk, to name just a few). Nam Long Investment and Development Co., Unilever Vietnam and many companies have moved their head offices to Phu My Hung City Center. The International Commercial and Financial District is the heart of the City Center. It consists of an international exhibition and convention center, office buildings, services, hotels, civic buildings, malls and entertainment complexes. Being a place for economic growth and employment, this world-scale complex is attracting many investors and businesses to set up their headquarters, showrooms, or expand their business, such as Manulife, Unilever, BMW, Porsche, Hoang Khai, Vinamilk, Mercedes and Fuji Film, and sub-branches of many famous banks like Vietcombank, MHB, Agribank, Techcombank and ACB. Especially, the completion of the Saigon Exhibition and Convention Center and Saigon Paragon mixed-used building at the end of 2008 creates a new identity for the City Center and meet the demand for entertainment, shopping and business of local and international entrepreneurs.
More chances for further investment in Phu My Hung City Center
Phu My Hung City Center is really a place that gathers sufficient functions of a modern city in the world from commerce, finance, exhibition, entertainment to health care and education. Residents can be satisfied when working and living in Phu My Hung.
The 409-hectare City Center is part of the master development plan of Phu My Hung to exploit the entire area of 2,600 hectares. Others include University Place (95ha), High-Tech Center (46ha), Merchandise Center I (85ha) and Merchandise Center II (115ha).
Phu My Hung City Center will be the heart of the entire urban development project. It is located at the major turn of Nguyen Van Linh Parkway and close to Tan Thuan Export Processing Zone, just about a 10-minute drive from the current downtown of District 1 and District 5. The Government has approved the plan to construct a tunnel (intersection transport) on Nguyen Van Linh Parkway and Nguyen Huu Tho Street to ease traffic jams and to connect Nha Be District with District 4.
Generally speaking, Phu My Hung City Center is an ideal working and living environment.
The Saigon Times
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Person in charge: Nguyen Hung Thinh