In the 1990s, Phu My Hung (PMH) was undeveloped swampland located seven kilometers to the south of downtown Ho Chi Minh City (HCMC). Today, PMH is one of the most coveted residential areas in Vietnam and its transformation is referenced as a national model for urban development. PMH was one of the first land-based financing projects since Vietnam’s reunification in 1975. It was part of a larger scheme by HCMC to develop an area to the south of the city (Saigon South) that included three main projects: Tan Thuan Export Processing Zone (EPZ), PMH area, and Hiep Phuoc Industrial Park. This case study explores the first two of these projects.