US$223Mln Realty Project in HCM City Likely to Go fully Foreign-owned

US$223Mln Realty Project in HCM City Likely to Go fully Foreign-owned

A US$223 million joint-venture project to build a hotel, trading center and office tower in downtown Ho Chi Minh City will likely become fully-foreign invested following the Vietnamese side’s request.

State-run Saigontourist, the Vietnamese partner in the joint venture, has asked the Ministry of Planning & Investment (MPI) and local authorities to allow its foreign partner, Kumbo, a South Korean group, to solely invest in the project.

The project, initiated by Saigontourist and Kumbo, was approved in 1996 but construction work was then suspended following the financial crisis in the Asian region in the late 1990’s.

So far, Kumbo has invested US$15.2 million into the project in cash, while Saigontourist and another Vietnamese partner have contributed US$22 million in real estate properties.

The MPI is gathering opinions over Saigontourist’s request and will submit it to the government for approval.

Thanhniennews.com