PM approves new bids for ‘golden triangle’

The Prime Minister has approved a request from the HCM City People’s Committee to accept new bids on a section of highly valuable land in District 1 known as the "golden triangle".

The 13,000sq.m land is surrounded by Pham Ngu Lao – Nguyen Thai Hoc – Tran Hung Dao streets.

On December 17, 2007, the Thai Son joint-venture won the right to put the land into use after bids were received.

However, in May this year the Bank of Investment and Development of Viet Nam (BIDV), a key member of the joint-venture, told the People’s Committee it wanted to withdraw from the project.

The bank cited improper bidding that had impaired the project’s effectiveness as one of the reasons for the withdrawal.

After receiving the notification from BIDV via letter, the city bidding council agreed to ask permission from the Prime Minister to relaunch bids for projects on the land.

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