Novaland commits to assisting HCM City’s development

Novaland commits to assisting HCM City’s development

Real-estate developer Novaland Group has pledged to support HCM City in developing Việt Nam International Financial Centre (IFC).

Bùi Thành Nhơn receives the book “HCM City, The City of Opportunities”, presented by Nguyễn Văn Được, Chairman of the HCM City People’s Committee. – Photo Courtesy of Novaland Group

During a meeting with Chairman of HCM City People’s Committee Nguyễn Văn Được on Wednesday, the group reiterated its commitment to assisting in the city's development through real estate and infrastructure projects.

Novaland Group aims to concentrate on urban revitalisation, replacing old apartment buildings, developing mid-range housing, and expanding its commercial and tourism real estate portfolio to generate long-term value for the city.

On Wednesday in HCM City, Nguyễn Văn Được convened a working session with Milcon Gulf Group and Novaland Group to explore co-operative opportunities and potential investments in the Việt Nam International Financial Centre (IFC) in HCM City. The discussion also delved into investment plans in real estate, urban development, and tourism to boost the city's economic growth.

Sohail S. Quraeshi, Chairman of Milcon Gulf Group, highlighted the company’s robust financial capacity to mobilise capital from the US, Europe and the Middle East.

He emphasised Milcon Gulf’s role as a vital link for international investors seeking to comprehend Vietnam's legal framework and investment landscape.

Quraeshi pointed out that with favourable policies and well-established infrastructure, HCM City holds the potential to emerge as a significant financial hub, attracting global financial institutions.

The IFC is envisioned not only as a financial centre but a comprehensive ecosystem integrating financial and non-financial services. HCM City is prioritising investments in technology infrastructure, physical facilities, and human resource development while drawing both local and international experts to ensure the efficient functioning of the centre.

Lê Ngọc Thuỳ Trang, deputy chief of the office of the HCM City People’s Committee, mentioned that the city is studying successful models from major financial centres globally to shape a structure that aligns with Việt Nam's specific economic conditions. The ultimate objective is to position the city as a leading financial hub in the region.

Milcon Gulf Group is a multinational private investment firm specialising in finance, infrastructure development, and smart urban projects, with operations across North America, Asia, and the Middle East. Having been one of the early international investors to enter Việt Nam since 1988 during the embargo period, Milcon Gulf Group is well-positioned to support the country’s economic development.

Novaland is a top real estate corporation in Việt Nam with over 30 years of experience and a diverse portfolio encompassing urban, resort, commercial, and infrastructure real estate. The group is committed to fostering sustainable urban areas, contributing to the overall advancement of HCM City and various regions throughout the country.

Currently, Novaland owns a portfolio of more than 50 real estate projects, significantly impacting urban and tourism development in southern Vietnam and the south-central region. The company has made substantial contributions to economic growth and social welfare in numerous localities. 

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