The plan, masterminded by the administration of District 1, is set to carry out a complete makeover of the park, which is bordered by Ton Duc Thang Street in the district on one side and the Saigon River on the other.
The park is linked to the historical site of Bach Dang Wharf where tenth-century Vietnamese general Ngo Quyen destroyed a fleet of invading Chinese warships by erecting a maze of sharp stakes on the riverbed, concealed by high tides.
The market will assemble every weekend, promoting Vietnamese brands to international friends and creating a new cultural rendezvous for locals as well as tourists, according to District 1's administration.
As many as 100 stalls are expected to be assembled each week, selling different locally-made goods depending on the week’s theme, including food, fashion, and tourism.
The weekly activity is the city’s move to revitalize the park after it has decayed over the past two years without proper care and management.
The park used to house a parking lot and terminal for the now-defunct Thu Thiem Ferry that transported passengers between District 1 and District 2 before the completion of the Saigon River Tunnel in 2011.
In 2013, state-owned travel company Saigontourist took over management of the location with plans to renovate and turn the ferry station into a park.
Little progress had been made on the project as of 2015 however, and since last September the park has once again been under the management of District 1’s administration.
The upcoming beautification project will be carried out by Saigontourist, which plans to build a riverside square resembling the looks of the city of Saigon, the previous name of Ho Chi Minh City.