HCMC seeks private investment for sports and cultural projects

Ho Chi Minh City is seeking private investment for 23 sports and cultural projects under the public-private partnership (PPP) framework. The projects, valued at a combined VND23.6 trillion (approximately $948 million), aim to enhance the city's cultural and recreational offerings.

At a recent investment promotion conference, Mr. Phan Van Mai, Chairman of the municipal People's Committee, announced that the city would prioritize five key projects, each exceeding VND2.3 trillion ($92 million). These priority initiatives include the construction of an arts performance center in District 5, the Gia Dinh Theater in Binh Thanh District, the HCM City Cultural Center in District 1, a cultural and arts center in the Thu Thiem urban area, and a multi-purpose cultural and sports center in Can Gio District.

Additionally, 18 other projects, totaling over VND21.2 trillion (over $841 million) were presented for investor evaluation during the conference.

Mr. Mai acknowledged the challenges associated with cultural projects but reiterated the city's commitment to supporting investors through flexible management models and compensation mechanisms for revenue shortfalls.

The HCM City People's Council has recently approved several key socio-economic resolutions aimed at addressing the city's challenges and driving growth in 2024. In addition to the 23 sports and cultural projects, the council has also called for investment in six healthcare projects and 12 education and training projects.