The project, submitted for approval under a build-transfer (BT) public-private partnership model, is expected to be considered by the municipal People's Council at its June 19-20 session.
The redevelopment covers two key areas the Nha Rong-Khanh Hoi waterfront and Bach Dang Wharf.
At Nha Rong-Khanh Hoi, plans include a cultural park, the restoration of the former Saigon Port headquarters for exhibition and event spaces, and the reconstruction of the historic Amiral Latouche-Tréville ship as a museum and tourist attraction.
The project also includes green spaces, cultural and recreational facilities, a cruise terminal, an underground car park and upgrades to existing warehouses and structures.
The project also includes major transport upgrades, such as widening Nguyen Tat Thanh Street, building the Hoang Dieu underpass, upgrading the Tan Thuan bridges and adding a pedestrian bridge linking Nha Rong-Khanh Hoi with Bach Dang Wharf.
At Bach Dang Wharf, part of Ton Duc Thang Street would be placed underground to make way for an underground car park and commercial centre, while the riverfront would be expanded with new embankments, green spaces and public amenities.
The project has a preliminary investment cost of about VND 29.3 trillion and will be implemented in five components, including site clearance and resettlement works.
Construction is scheduled to continue in phases from the third quarter of 2026 through the end of 2029.
