UAE firm eyes investment in smart parking lots in Ho Chi Minh City

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Cars park outside Ho Chi Minh City's Le Van Tam Park, where a project to build an underground parking lot has remained on paper for years. Photo: Diep Duc Minh Cars park outside Ho Chi Minh City's Le Van Tam Park, where a project to build an underground parking lot has remained on paper for years. Photo: Diep Duc Minh

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The United Arab Emirates-based EPS Corporation is seeking to invest US$500 million in developing smart parking lots in Ho Chi Minh City where a plan to build underground parking lots has been stuck for almost a decade.
EPS proposes to build the lots under BOT (build-operate-transfer) mode, Saigon Times quoted the corporation’s representative Rustam Ibragimov as saying.
Ibragimov said EPS has invested in parking lots in 19 countries.
EPS can develop a system of parking lots, traffic monitoring, control center, etc., he said.
HCMC’s plans to build eight underground parking lots have remained stuck due to financial difficulties.
At a meeting with UAE investors Monday, HCMC mayor Le Hoang Quan said the city is soliciting investments in a tramway system, parking lots and several metro routes.
Public transport serves only 15 percent of demand and HCMC plans to increase the ratio to 25-30 percent by investing in infrastructure, including tramways and metro lines.
HCMC has more than 582,000 cars and 6.3 million motorbikes, and demand for parking space has long exceeded availability, especially in the downtown area, where authorities have had to allow parking on certain streets for a fee.
At the meeting, Sultan Ali Rashed Lootah, general director of Vault Investment Fund, said UAE companies are also interested in building a smart town in HCMC for $200 million.
Quan promised to instruct relevant agencies to work directly with UAE companies.

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