S. Korean investor plans $5-bln property project at Saigon historic shipyard

By Dinh Phu, Thanh Nien News

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 Ba Son shipyard in Ho Chi Minh City. Photo credit: VnExpress

Authorities in Ho Chi Minh City are waiting for the state government’s opinion on a US$5-billion real estate project at Ba Son, the city’s oldest shipyard, being proposed by a South Korean investor.
If approved, the plan of EUNSAN will be implemented on September 2, the HCMC People’s Committee announced on Thursday.
However, no details were revealed about the project which aims at “renovating” the city’s look.
Under a plan greenlighted by the city’s authorities a few years ago, the current shipyard would be moved to Thi Vai-Cai Mep Port in the southern province of Ba Ria-Vung Tau by 2010, to make space for a complex consisting of hotels, office and apartment buildings. 
As of the end of last year, the site clearance was yet to be completed because Ba Son Company, a major shipbuilding arm of the defense ministry, did not have enough money to build the new shipyard. 
Ba Son’s history was believed to start in 1790 when Nguyen Anh, the first emperor of the Nguyen Dynasty, established a factory for making war ships.
Later French colonialists took over the place and turned it into a western shipyard that produced both military and civil ships in 1863.

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