Sun Group led consortium selected as investor for new urban area

Sun Group led consortium selected as investor for new urban area

A consortium led by Sun Group was chosen by Ho Chi Minh City People’s Committee as the strategic investor for the $3.76 billion Binh Quoi-Thanh Da New Urban Area, according to a committee submission sent to Ho Chi Minh City People’s Council on February 5.

The Binh Quoi–Thanh Da New Urban Area is surrounded by the Saigon River and is located approximately 6.5 km from the city centre

According to the submission, only one consortium, comprising Sun Group JSC, Sun Ha Long Co., Ltd., and Sun City Co., Ltd., submitted a proposal.

The Binh Quoi–Thanh Da New Urban Area was included by Ho Chi Minh City People’s Council in the list of land plots subject to bidding for investor selection under Resolution No.452/NQ-HDND in November 2025.

However, following the National Assembly’s issuance of Resolution No.260/2025/QH15 amending and supplementing a number of provisions of Resolution No.98/2023/QH15, the venture was deemed eligible to apply for strategic investor selection under Ho Chi Minh City’s special policy framework.

According to Ho Chi Minh City People’s Committee, the venture fully meets the criteria under the revised regulations, including a land area in line with planning of approximately 423 hectares, a total estimated investment of more than VND98 trillion ($3.76 billion), and its designation as a key urban development zone under Ho Chi Minh City’s master plan.

In line with directives from the chairman of Ho Chi Minh City People’s Committee, information on the organisation of the strategic investor selection process was publicly disclosed from January 13.

By January 16, the Department of Finance had received a proposal from an investor consortium comprising Sun Group JSC, Sun Ha Long Co., Ltd., and Sun City Co., Ltd., proposing to implement the Binh Quoi–Thanh Da New Urban Area under the strategic investor selection mechanism.

During the subsequent seven-day period from January 16, the local Department of Finance did not receive any additional submissions from other investors.

Based on the number of valid submissions received, Ho Chi Minh City People’s Committee determined that the selection of a strategic investor for the scheme would be carried out in the form of concurrent approval of the investment policy and approval of the investor, which falls within the decision-making authority of Ho Chi Minh City People’s Committee.

Ho Chi Minh City Party Committee also agreed in principle to apply the strategic investor selection mechanism for the implementation of the scheme.

Accordingly, the Binh Quoi–Thanh Da New Urban Area qualifies to be designated as a strategic project and to apply the strategic investor selection mechanism in accordance with National Assembly Resolution No.98/2023/QH15 and Resolution No.260/2025/QH15 on the piloting of specific policies for the development of Ho Chi Minh City.

The Binh Quoi–Thanh Da New Urban Area is surrounded by the Saigon River, located approximately 6.5km from the city centre, and one of the few remaining areas with a large, undeveloped land bank within a 10-km radius of the city centre.

Under Ho Chi Minh City’s master plan to 2040, the area is planned as a climate-resilient ecological urban zone that combines wetland park functions with residential, service, commercial, and tourism uses, all supported by a comprehensive system of technical and social infrastructure

Although the scheme was first planned in 1992, it has yet to be implemented, making it one of Ho Chi Minh City’s longest-running stalled projects, despite multiple planning adjustments and changes in investors.

VIR