Phu My Hung Corporation
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Phu My Hung Corporation (PMH) is a joint venture between the CT&D Group of Taiwan and City Government of Ho Chi Minh City (through Tan Thuan Industrial Promotion Company)
Phú Mỹ Hưng Corp. is a large urban infrastructure developer in Vietnam. Founded in 1993 by its founding chairman, Lawrence S. Ting, PMH is responsible for the master-planning of the 3,300 hectare Saigon South urban expansion plan that created the southward expansion option for Hồ Chí Minh City. The master plan competition was held in July 1993. Subsequently a consortium made up of Skidmore Owings & Merrill, Koetter Kim & Associates, and Kenzo Tange of Japan was formed. The master plan was the first Asian urban plan to win an American Institute of Architects Honor Award for Urban Design in 1997.
PMH was ultimately responsible for 1) the development of a 17,8 km 10-14 lanes parkway, the Saigon South Parkway and 2) 750 hectares of urban development that includes the Phú Mỹ Hưng New City Center. The Saigon South Parkway was later renamed by the Vietnamese government as the Nguyen Van Linh Parkway in honor of its former leader, General Secretary Nguyễn Văn Linh, who was responsible to initiate economic reform policy "doi moi" in 1986.
PMH pioneered many real estate market practices in Vietnam and was among the first to introduce the concept of a condominium to Vietnam. Working with its banking partners, PMH was the first to offer long term mortgage loans. This helped the market to extend mortgage loans from previously 5-year term to 15-year term or longer. PMH was the first to fully develop a master planned urban development in Vietnam. Together with its sister companies, Tan Thuan Corporation and Hiep Phuoc Power Company, PMH has created over 100,000 job opportunities in Hồ Chí Minh City.
For its contributions, PMH has received many awards from the government of Vietnam, including:
- Labor Medal of First Class from President Nguyễn Minh Triết (December 2007)
- First "Model City" award from Minister of Construction (June 2008)
- Citation awarded by Minister of Education for contribution towards education (March 2011)
- Citations awarded by Hồ Chí Minh City (March 2008, February 2009. March 2009, April 2010 and March 2011)
In December 2007, Vietnamese State President awarded Lawrence S. Ting, the founding chairman of PMH, posthumously the Friendship Medal of Vietnam in memory of his contributions; this marked the first time the Friendship Medal of Vietnam was given to a foreign businessman.