Binh Quoi–Thanh Da is a peninsula encircled by the Saigon River, with Thao Dien sitting just across the water. In contrast to the bustling streets and modern skyline on the opposite bank, the area has retained a quiet, rural charm despite being located in the heart of Ho Chi Minh City.
The contrast is striking. Plans to transform Thanh Da into a modern riverfront eco-urban district were first approved in 1992—five years before Thao Dien was established as a ward in 1997. More than three decades later, the peninsula is entering a new phase of development.
In June, Ho Chi Minh City approved a new development plan for the area, envisioning a modern urban district with a total investment of nearly VND 99 trillion (about US$3.8 billion).
The Evolution of a Three-Decade Vision
Covering nearly 550 hectares, the Binh Quoi–Thanh Da Peninsula sits between the Saigon River and Thanh Da Canal, just 6.5 kilometers from downtown Ho Chi Minh City. With its prime location and waterfront setting, it has long been considered one of the city’s most valuable land reserves. While its transformation into a modern urban district has taken longer than initially envisioned, the peninsula remains one of Ho Chi Minh City’s most closely watched development areas.
The project was first approved in 1992 and officially launched in 1998. More than three decades later, Thanh Da remains largely unchanged. Just across the river, neighbouring Thao Dien took a different path. Established as a ward in 1997, it gained momentum through clearer urban planning from 2006–2007 and rapidly became one of the city’s most desirable neighbourhoods during the 2010s.
Over the years, Ho Chi Minh City appointed multiple developers to develop Thanh Da, only to revoke their projects after years of inaction. In 2004, the city handed the project to Saigon Construction Corporation. Six years later, it took the land back after construction failed to materialise.
In 2015, the city selected a joint venture between Bitexco and Dubai-based Emaar Properties to lead the redevelopment, with an estimated investment of more than VND 30 trillion (USD 1,14 million). Just a year later, Emaar pulled out, reportedly “unwilling to wait for the site to be cleared”. Bitexco was unable to move forward on its own, and the city terminated the project.
The biggest hurdle has always been land clearance. More than 16,000 households are affected, many with complicated land ownership records. The project's massive upfront costs and uncertain returns have also discouraged investors.
The Most Visible Change In 30 Years
After the project was revisited over the years, Ho Chi Minh City announced a new plan for the peninsula in early 2026, with total investment estimated at VND 99 trillion, three times the VND 30 trillion figure previously approved for the project.
In 2025, the city approved adjustments to the Binh Quoi–Thanh Da urban plan, shifting its vision toward a “Saigon River riverfront eco-urban area.” The revised plan defines the project area at 549.4 hectares, including 423.61 hectares of land and 125.79 hectares of waterways.
Under the new plan, the urban area will be divided into three residential zones.
- The first zone, located in the northwest, will cover around 116.7 hectares and accommodate approximately 18,000 residents, primarily through resettlement housing and social housing.
- The second zone, located in the south and spanning more than 155 hectares, is planned as a modern residential community with a higher quality of living for around 20,000 residents.
- The third zone, in the northeast, will cover nearly 152 hectares and focus on riverfront development, featuring a marina and ecological spaces for approximately 16,000 residents.
The project will allocate around 20% of residential land for social housing. Apartment sizes will range from 25 to 70 square meters, with units larger than 70 square meters capped at no more than 10% of the total supply.
The redevelopment has also moved at an unprecedented pace. In February 2026, the city officially approved the investment policy and selected the developer.
By early May 2026, the city had issued 3,919 land acquisition notices, covering around 80% of affected households. Land surveys and inventory work had been completed for 2,122 cases, representing more than 43% of the total workload. The city aims to complete site clearance and hand over cleared land by October 31, 2026, allowing the project to move from preparation into the construction phase.
For residents and observers, Binh Quoi–Thanh Da is entering what could be its clearest turning point since the project was first conceived. With the investment policy approved, a strategic developer selected, and a compensation and land clearance roadmap in place, the peninsula is finally approaching a new chapter of development.
The Conditions for a New Chapter
According to experts, the latest planning approach for the Binh Quoi–Thanh Da Peninsula could have a better chance of success thanks to Resolution No. 260/2025/QH15, approved by the National Assembly on December 11, 2025.
The resolution grants Ho Chi Minh City a range of breakthrough mechanisms, including the ability to select strategic investors based on actual capabilities rather than through simple appointment; shorten administrative procedures from five years to just six to 12 months; separate funding responsibilities by allowing the city to take the lead in transport infrastructure investment while developers focus on building the urban area; and introduce more flexible compensation mechanisms to accelerate land clearance—the biggest obstacle that led Emaar Properties to withdraw from the project in 2016.
The revised planning framework has also made the peninsula more attractive to investors, who are now more willing to participate in the bidding process compared with previous years.
The updated master plan and the potential selection of a new investor signal a shift in the city’s approach, with a stronger focus on creating favorable conditions for private investment in the peninsula’s development.
However, with the project still in its early stages of implementation, it remains too soon to determine whether the 30 years of waiting and hardship experienced by Thanh Da residents have finally come to an end. While the project has moved further than it ever did, major challenges remain.
One of the biggest hurdles is land clearance. According to local reports, residents were told that a final compensation plan would be completed in June. Yet as of mid-July 2026, no official announcement has been made by the developer.
Another challenge lies in developing Thanh Da to attract investment while preserving its rare river ecosystem. Dr Vo Kim Cuong, former Deputy Chief Architect of Ho Chi Minh City, warned that excessive concrete development could erase the landscape identity that has long been the peninsula’s greatest advantage.
Binh Quoi–Thanh Da is now entering a promising new phase. With careful planning and steady implementation, the peninsula has the potential to develop into a distinctive riverfront destination—one that draws comparisons with Thao Dien while preserving its own ecological character.
Realising that potential will depend on balancing development ambitions with the interests of local communities and the protection of Thanh Da’s unique landscape.
