Consortium proposes 99-storey IFC building in Thu Thiem

The consortium comprises three entities of Ho Chi Minh City Finance and Investment State-Owned Company (HFIC), a state-owned enterprise under the municipal government; REE Corporation and VinaCapital Group.

The three parties plan to establish a joint venture company to invest in and operate the project throughout its lifecycle, while assuming responsibility for its business performance.

The investor group in March submitted an official proposal to Ho Chi Minh City People's Committee and the Vietnam International Financial Centre (VIFC) in Ho Chi Minh City, seeking approval to develop the landmark IFC-99F HCMC tower, designed with 99 above-ground floors and five basement levels, with a total gross floor area of 400,000 sq.m.

Under the proposed capital structure, REE Corporation would hold a 43 per cent stake, equivalent to nearly $99 million, while VinaCapital Group would contribute 24 per cent, equivalent to more than $55 million.

HFIC is expected to contribute 33 per cent of the project’s capital through land-use rights, which could be converted into office floor space and transferred to the Vietnam International Financial Centre in Ho Chi Minh City if the value exceeds the committed contribution.

The investor consortium has proposed a 70-year land-use term for the project. It has also recommended several special policy mechanisms under Resolution No. 222 governing the development of the international financial centre, including permission to integrate residential apartments and hotel functions within the project, as well as allowing land-use fee payments to be phased over three years.

The proposed land price is based on a reference level of approximately VND350 million ($13,400) per sq.m.

In early March, Ho Chi Minh City People's Committee approved a report and proposal submitted by Ho Chi Minh City Department of Planning and Architecture regarding a partial adjustment to the general planning scheme for Thu Duc city through 2040 in Thu Thiem New Urban Area.

Under the draft plan, nine land lots in Sub-zone No.1 of Thu Thiem New Urban Area, have been designated for the development of Ho Chi Minh City’s IFC.

According to the plan, the entire floor area ratio allocation in the area designated for the core zone of the IFC in Ho Chi Minh City will be restructured to increase land-use intensity, enabling the construction of prominent high-rise buildings that will serve as architectural landmarks and symbolic features for both the financial centre and the wider area.

Under the current roadmap, the operational core of VIFC in Ho Chi Minh City in Thu Thiem is expected to begin operations in 2027.

The emergence of the planned 99-storey tower, together with the new political-administrative centre scheduled to break ground around the upcoming Reunification Day, is expected to transform Thu Thiem New Urban Area into a genuine “Wall Street”, positioning Ho Chi Minh City as a major financial growth pole in Asia.

According to the published master plan, the space allocated for the VIFC in Ho Chi Minh City covers approximately 900 hectares, spanning Ben Thanh Ward, Sai Gon Ward, the Thu Thiem area, and 64 ha along the Saigon River, with around 1,000 high-rise buildings meeting operational requirements.

Around VND172 trillion (equivalent to $7 billion) will be invested for building up Ho Chi Minh City's IFC at the initial phase. Approximately VND16 trillion ($615 million) will be allocated to complete core-zone infrastructure, covering around 9.2ha in Thu Thiem area.

REE Corporation currently operates an extensive energy portfolio, including large-scale wind power plants in Tra Vinh and Ninh Thuan Province, alongside hydropower and solar power assets across the country, with a target of reaching 3,000MW by 2030.

In real estate, REE Corporation has demonstrated strong operational capability through its portfolio of office buildings, including E.Town 1- 6 and REE Tower. The company is also expanding into the residential segment with the Bo Xuyen project in Thai Binh province and is preparing to break ground on the Phu Huu office tower in Ho Chi Minh City.

HFIC currently manages an asset portfolio in prime locations, including its headquarters building on Nguyen Du street and the Fintech Hub Pasteur venture on Pasteur street.

HFIC has played a key role in mobilising capital and implementing major projects such as Saigon Bridge 2, Children's Hospital 1, and Ho Chi Minh City Oncology Hospital Facility 2.

At present, the company is working with Ho Chi Minh City Infrastructure Investment JSC (CII) to study transport projects along Hanoi Highway, with a total estimated investment of $384 million.

The remaining consortium member, VinaCapital Group, has extensive experience in developing large-scale premium residential and resort real estate projects through VinaLiving, including Hoiana, Nine South Estates, and The Ocean Villas.

Assets under management by VinaCapital Group currently stand at approximately $3.7 billion.

Beyond conventional real estate, VinaCapital Group is also expanding into technology infrastructure through a hyperscale AI data centre valued at more than $2.2 billion, which broke ground in early 2026. The group’s international capital mobilisation capability is expected to play a key role in securing the remaining 80 per cent of debt financing required for the tower project.

Assets under management by VinaCapital Group currently stand at approximately $3.8 billion as of 2026.

Thu Thiem New Urban Area - home of Vietnam International Financial Centre. Photo: Le Toan

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