On the morning of April 18, at the 2nd session, the Ho Chi Minh City People's Council passed a resolution to stop the investment policy of the Symphony Orchestra, Music and Ballet Theater project in An Khanh ward, Thu Thiem New Urban Area (commonly known as Thu Thiem Symphony Orchestra).
This project was approved for investment policy by the Ho Chi Minh City People's Council from 2018 with a total amount of more than 1,500 billion VND from the budget, expected to be implemented in the period 2018 - 2022.
By 2021, relevant units proposed to adjust the capital increase to about 2,000 billion VND, and at the same time extend the implementation time to 2024. However, the project has not yet been implemented in practice.
According to the Ho Chi Minh City People's Committee, the suspension of the investment policy stems from the orientation of adjusting planning and investment methods in the Thu Thiem area.
The City Party Committee Executive Committee has agreed on the policy of implementing the political - administrative center project combined with the central lake green park area according to the public-private partnership (PPP) method, BT contract paid by land fund.
To ensure space for the Political - Administrative Center to reach international stature, the city determined that it is necessary to adjust the location of some projects that are being and are about to be implemented, including the Thu Thiem Symphony Orchestra.
According to the planning adjustment plan, the construction location of Thu Thiem Symphony Orchestra is swapped from the Ba Son bridgehead area to the adjacent land of the new political - administrative center in Thu Thiem.
The land planned for building the theater previously will be converted into a green park, square and public works funded by the investor.
Currently, there are investors proposing to invest in the Central City Square and Administrative - Political Center projects using PPP methods and BT contracts.
This project includes a conference - performance center with a scale of about 2,000 seats, meeting the needs of organizing large-scale political, economic, and cultural events.
The Ho Chi Minh City People's Committee assessed that stopping the policy of investing in projects in the form of public investment is considered necessary to ensure compliance with the approved plan, compliance with legal regulations, and at the same time avoid duplication in investment.
This is also an important step for Ho Chi Minh City to focus on implementing the Political - Administrative Center project under the direction of the City Party Committee, and at the same time restructure the urban space of Thu Thiem area in a synchronous and modern direction.
