Consortium eyes $1.84bn 99-story financial tower in Ho Chi Minh City’s Thu Thiem

The tower is expected to become a landmark for the Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC).

In a proposal submitted to the chairman of the municipal People’s Committee and the executive body of VIFC-HCMC, the consortium underscored the urgency of establishing symbolic infrastructure and core assets to attract capital and international experts for the financial hub.

The consortium is keen to study the project and explore investing in the tower, which is planned for a designated site in the heart of the financial center.

The tower is intended to serve as a national symbol and an internationally recognizable landmark in the southern metropolis.

Also, the tower would function as a venue for conferences and financial transactions and as a magnet for financial institutions, investment funds, technology firms, and international capital flows.

Besides, it is meant to contribute to building a functional financial ecosystem for the center.

The consortium emphasized that the project should not be treated as a conventional real estate development.

Instead, it should be framed as an integrated core asset capable of generating real financial activity, transaction flows, and long-term economic value.

To facilitate implementation, the consortium has called for preferential mechanisms applicable to strategic investors.

These include consideration of special land allocation or leasing arrangements, recognition of investment policy aligned with strategic investor selection, and tailored regulatory frameworks governing mixed-use functions, land-use duration, financial obligations, and the potential sale of serviced residential units in accordance with existing laws and the specific characteristics of the financial center.

Sovico Group stated it intends to expand the consortium by partnering with suitable domestic and international investors, while maintaining a leading role in coordinating development, mobilizing resources, and leveraging its broader ecosystem to ensure efficiency, project timelines, and strategic contributions to the financial center.

The project, named the VIFC Core Tower, would be developed within a central zone spanning some nine hectares.

The construction site itself is expected to cover about 12,610 square meters, and feature six basement levels and 99 above-ground floors.

The full project is projected to be completed within 60 months.

Vietnam officially announced the creation of the International Financial Center on December 21, 2025, with two locations in Ho Chi Minh City and the central city of Da Nang.

The Da Nang facility was inaugurated on January 9, while the southern metropolis officially opened the center on February 11.