The Ho Chi Minh City People's Council has officially approved a proposal to transition the investment model for the symphony, opera, and ballet theater project in Thu Thiem new urban area from public funding to a Public-Private Partnership (PPP) framework.

The design competition for the theater has already been completed, with the city having disbursed nearly 3.9 billion VND (approx. $153,000) for investment preparation.

According to the HCMC People’s Committee, several investors have recently expressed interest in developing the city's political-administrative center and the central lake park in the Thu Thiem area under the PPP model, specifically via Build-Transfer (BT) contracts. This direction has received consensus from the City Party Committee.

As part of the revised planning, the city will relocate the project from its original site near the foot of the Ba Son Bridge to a new location adjacent to the political-administrative center. The previous site will be converted into a public park and square, funded by private investors.

The city authorities stated that halting the public investment model is a necessary step to ensure the project aligns with approved zoning, complies with current legal regulations, and avoids project duplication. This shift also serves as a foundation for synchronized development of the administrative hub as directed by the City Party Committee.

The Thu Thiem theater project was initially approved by the People's Council in 2018 with a total investment of over VND1.5 trillion (over $57 million) from the city budget, originally scheduled for completion between 2018 and 2022.

By 2021, relevant agencies proposed increasing the investment capital to VND2 trillion (over $76 million) and extending the timeline to 2024. However, in 2022, the project was temporarily suspended due to the impacts of the COVID-19 pandemic.

In early 2025, the People’s Committee sought feedback from the Ministry of Construction regarding architectural and planning indicators. The city has proposed adjusting the density and layout on the 24,000-sq.m site to ensure the facility can accommodate a 1,700-seat auditorium.