HCMC – The HCMC Department of Planning and Architecture has submitted a plan to the municipal government to develop Thu Duc City in the 2020-2025 period at an estimated cost of VND41.66 trillion (US$1.8 billion).
The capital is expected to be sourced from the city’s budget, loans and bond issuance, Tuoi Tre Online newspaper reported.
Of the total, VND30 trillion will be used for traffic infrastructure, VND6.4 trillion for flood control and VND4.4 trillion for digital transformation.
The capital needed in the next periods will be calculated later to match with the city’s performance in the 2020-2025 period and objectives in the next periods.
According to the Department of Planning and Architecture’s plan, in the first five years, Thu Duc City is expected to see its gross domestic product growth double, have 500,000 square meters of grade-A offices and 20,000 jobs requiring bachelor and engineering degree holders and increase the floor area of educational facilities by 50%.
Under the plan, the development of Thu Duc City is divided into three phases. In the first phase, from 2020 to 2022, management agencies will be established, while special mechanisms, cooperation policies and land use plans will be worked out.
The first phase will need 100 hectares of land, mainly focusing on the Saigon Hi-Tech Park, the Thu Thiem New Urban Area and the Vietnam National University HCMC.
In the second phase, from 2023 to 2030, an additional 500 hectares of land will be needed. Of the total, 150 hectares will be used to develop an innovative industrial park.
The city will invest in all economic sectors, boost the development of priority sectors and build development policies for the eastern region and adjacent areas in the third phase, from 2030 to 2040.