[1][2] The museum is situated at the corner of Lý Tự Trọng and Nam Kỳ Khởi Nghĩa streets, located on a 2-hectare block near the Independence Palace.

Construction of the palace began in 1885 and completed in 1890, and was designed by French architect Alfred Foulhoux to house the Museum of Commercial Trade, exhibiting products and goods of Southern Vietnam.

This was also the last residence of President of the Republic of Vietnam Ngô Đình Diệm, beginning 27 February 1962 after Norodom Palace was bombed and partially destroyed by mutinous Air Force pilots.

Diệm had been Prime Minister since 1954, and president since 1955, but originally lived in the Independence Palace until it was bombed by two mutinous pilots of the Republic of Vietnam Air Force.

It was the last place Diệm worked before his assassination on 2 November 1963 in a coup d’état The Supreme Court of the Republic of Vietnam (Tối cao Pháp viện Việt Nam Cộng hòa) was housed in the Palace, from October 31, 1966 to April 30, 1975, the Fall of Saigon.

Many other motifs embossed on the roof is a combination of Greek mythological symbols, iconic plants and tropical animals such as lizards and birds flying or expanding its wings.

Diệm commissioned the construction of three extremely deep tunnels leading from the palace to other parts of the city so that he and important government officials/military figures could escape in the event of a coup.