What will the face of the Far East’s pearl look like?

With rapid economic growth and huge investments in infrastructure development, Ho Chi Minh City is looking to regain its status as the pearl of the Far East.

An ongoing construction boom is set to turn Ho Chi Minh City into a metropolitan city with many satellite townships, 14 bridges spanning Saigon River together with two tunnels linking the city with Thu Thiem peninsula by rail and road. Like 30 years ago, Ho Chi Minh City wants to regain the reputation as the Far East’s pearl.

Under its development plan towards 2020, the city, which is named after the late President Ho Chi Minh, will become a major centre for trade and services in the south eastern region.

During these days in anticipation of the 35th anniversary of national reunification and liberation of the south, a series of Ho Chi Minh City’s key projects are under way such as Ho Chi Minh City-Long Thanh-Dau Giay expressway project, Thu Thiem Tunnel project allowing East-West boulevard to go under Saigon River, North-South Avenue project, Hiep Phuoc Port City project, and Phu My bridge project which are expected to be completed and come into use soon, between 2010 and 2013.

According to Le Hoang Quan, chairman of the Ho Chi Minh City People’s Committee, about 10 years later, the city would have expressways allowing traffic to travel fast like the Ho Chi Minh City-Vung Tau highway, the Ho Chi Minh City-Long Thanh-Dau Giay-Dalat expressway. Grade-one beltways will also be upgraded to grade-one urban roads, beltway No.3 and No.4 will link the city’s satellites in east and northern directions.

The city will construct elevated roads, subways and railways. Four elevated roads linking each other will be constructed in the years to come together with a six-line subway system linking the city’s main centres.

Many railways will be constructed to ease traffic congestion in and out of the city. Of which a new railway in the north-west direction will link the city with Loc Ninh near Cambodian border alongside Trans-Asian highway. A system of western beltway railroads will be constructed from An Binh station to My Tho and Can Tho.

To the east, in the future, as Hiep Phuoc Port City, Can Gio and Cat Lai areas will develop strongly. There will be a specialised line linking the national railway to these areas and inner-city centripetal railways linking the city centre and its outskirts, and two other light railways.

Ho Chi Minh City will also upgrade waterways and seaports and riverports such as Long Tau and Soai Rap. The city will construct Nhon Duc riverport to meet the transport of goods from the Mekong Delta via Hiep Phuoc port group.

The number of airline passengers through Tan Son Nhat airport is expected to be over 10 million per year. To 2020, the airport will become a transit airport of the region and the world.

Besides being a convenient place for transport, the Far East’s pearl is gradually playing the role of magnet in attracting foreign investment, one of the important driving forces for Vietnam’s socio-economic development.

Making a comment on foreign investment capital over the past 35 years, Quan said: “Over more than 20 years of attracting foreign direct investment in Ho Chi Minh City, more than $10 billion was paid up, almost 40 per cent of registered capital. Of which capital for industry and construction accounted for nearly 50 per cent, property over 20 per cent and the rest for other industries.”

About the policy of attracting foreign investment, Quan said foreign direct and indirect investments play an important role in the city’s socio-economic development. The city prefers high-tech investment projects, financial and service projects, infrastructure development projects and refuse polluting ones.

Foreign investment accounts for a large proportion in the city’s economy. But the city itself must develop its domestic resources, economists said. Quan said: “We will continue administrative reforms that foreign investors require. Project licencing will be done as quickly as possible.”

VIR

Tags: HCM City, Vietnam Infrastructure