Ho Chi Minh City: “Review of the Site and Financial Obligations for GS E&C’s 350-Hectare Nha Be New Urban Area”

【Hanoi, Vietnam—Special Correspondent Kim Jun-seok】GS E&C’s approximately 350-hectare Nha Be Metro City GS New Urban Area project, being developed in Ho Chi Minh City, Vietnam, is under review by authorities over issues concerning financial obligations for delayed land handover and matters relating to the site.
According to local media on the 3rd, the Ho Chi Minh City Department of Agriculture and Environment submitted an official letter to the Ho Chi Minh City People’s Committee on the 2nd to review matters concerning the site for the Nha Be Metro City GS New Urban Area project, which is being developed by VGSI, GS E&C’s Vietnamese subsidiary.
This follows a series of official letters submitted by related departments in late October. The Ho Chi Minh City Department of Finance had sent a letter on the 22nd of last month requesting a review of financial obligations for land whose handover had been delayed, and on the 23rd the Department of Planning and Architecture submitted its review comments on VGSI’s application to amend the investment project to the city government.
The procedure to amend the investment project for the new urban area has been protracted since 2023. After Vietnam’s Ministry of Finance recommended in July 2025 that the Ho Chi Minh City People’s Committee approve a change to the investment policy, the city’s Department of Finance completed an appraisal report on the updated amendment proposal this August.
Since the start of this year, related departments and agencies, including the city’s departments of finance, agriculture and environment, and construction, have also sent a series of official letters concerning various project difficulties, the site, and financial obligations. Financial obligations related to the land have been identified as the key obstacle that has persisted the longest. Relevant Ho Chi Minh City departments have raised the issue since 2021 and repeated the same concerns several times in 2025.
The project site is also embroiled in a civil lawsuit between VGSI and local company Tan An over land-use rights. From late 2024 through mid-2025, relevant Ho Chi Minh City departments submitted comments on several occasions regarding participation in proceedings at the People’s Court and a draft letter for the city People’s Committee to submit to the Ho Chi Minh City People’s Court.
Apart from land-related procedures, VGSI proposed in October 2025 to amend the project plan to create a concentrated digital technology park within the project site, and the Ho Chi Minh City Department of Planning and Architecture provided its review comments in November of the same year.
Construction of the Nha Be Metro City GS New Urban Area began in 2019. The approximately 350-hectare project is located near major roads in southern Ho Chi Minh City. It is divided into five zones and is planned to include about 770 detached houses and 16,270 apartments. In Phase 1-1, construction of 358 detached houses has been completed. The project also includes infrastructure for residents, such as educational and administrative facilities, medical centers, parks, and commercial facilities.
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