We started our second day with a lecture at UEF about development of Vietnam and its history. It was really interesting to learn about how recent the strides in development have been made, and how setbacks like corruption can delay the country’s growth.
A major player in the development of Ho Chi Minh City is the corporation Phu My Hung Development. Beginning in the 1990s, Phu My Hung developed the wartorn low value wetlands south of the city into a vibrant city center.
We toured the Phu My Hung development area, and I was impressed by the beautiful homes, greenery, and lots of businesses and schools. The neighborhoods looked less like urban Vietnam and more like an American suburb. I also thought it was interesting how the entire area of the city is basically controlled by Phu My Hung, as the government selected their corporation for this project.
After our company tour and neighborhood visit, it is apparent that while Phu My Hung is a nice place to live, it is affordable only to middle and upper class earners with some villas costing upwards of a $1,000 to $3 million USD.
Another interesting part of our Phu My Hung tour was learning about how Vietnamese developers regard the environment. Our tour guide took great pleasure explaining how the companies waste management system and power system were good for the environment. However this contrasted with the fact that none of the green space in the neighborhood will be preserved and are all slated for future development.
Overall, our first site visit was very cool and interesting. Can’t wait to see what the other companies have in store!