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'New Ho Chi Minh City' projects count on foreign investors

Development exceeding $21bn aims to upgrade Vietnam's commercial hub

Motorbikes clog a street in Ho Chi Minh City, Vietnam. (Photo by Ken Kobayashi)

HO CHI MINH CITY -- Representatives of 100 Vietnamese and Japanese businesses gathered at a venue in Ho Chi Minh City earlier this month for an event hosted by Ho Chi Minh Real Estate Association (HoREA), the city's industrial body, to discuss plans for urban development.

"We want to turn the city into a modern and eco-friendly metropolis," Le Hoang Chau, chairman of HoREA told the audience, as he called for foreign investment to support the more than $21 billion project to upgrade Vietnam's commercial hub. The city is suffering from traffic congestion and environmental issues related to its population of around 10 million. 

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