The project has remained "stalled" for 20 years.

The International Financial Tower (IFT) project at 220 Tran Duy Hung Street, Yen Hoa Ward, invested by Bao Viet Life Insurance Corporation, was once expected to become a modern, multi-functional high-rise building, contributing to the comprehensive improvement of technical and social infrastructure in the western area of ​​Hanoi.

However, after nearly 20 years, the project remains stalled, with the land designated for construction left abandoned and overgrown with weeds, resulting in wasted land and negatively impacting the urban landscape.

The land plot for the International Financial Tower project at 220 Tran Duy Hung Street (Yen Hoa Ward) has remained undeveloped for many years.

In 2025, the International Financial Tower project was approved by the Hanoi People's Committee and assigned to Bao Viet Life Insurance Corporation for construction on a land area of ​​13,159m², with a construction area of ​​3,850m², a construction density of 29.3%, and a total floor area of ​​115,000m² (excluding the basement). The building is designed to have 34 above-ground floors and 3 basement floors, with a maximum height of 150m and an estimated total investment of over 3,579 billion VND. The project aims to construct a multi-functional high-rise building, including office space for rent, a commercial center, and service facilities.

Due to delays in implementation, the more than 13,000m² plot of land at 220 Tran Duy Hung Street has become overgrown with trees reaching 2-3m in height. This not only wastes land resources but also negatively impacts urban aesthetics and hinders the development of integrated infrastructure in an area experiencing rapid urbanization. Meanwhile, Hanoi is facing a shortage of land for the development of high-quality commercial, service, and office buildings, yet a prime piece of land remains abandoned, causing public outrage.

Upon investigating the matter, we learned that the delay in the project's implementation was due to adjustments to the planning and additional legal procedures. In 2005, the Ministry of Finance issued a document requesting the Hanoi People's Committee to allow Bao Viet Life Insurance Corporation to use a 1.6-hectare plot of land along Tran Duy Hung Street to build its headquarters. The Hanoi People's Committee approved this in principle, allocating the land to Bao Viet Life Insurance Corporation for research and project development to build its headquarters and offices, with a land use period of 50 years.

On December 23, 2005, Bao Viet Life Insurance Corporation paid the full land use fee of over VND 236.7 billion to the state budget and received approval from the city to construct the IFT project in accordance with the planning determined by the Department of Planning and Architecture in Document No. 1719/QHKT-P1 dated October 20, 2004. At this time, Bao Viet Life Insurance Corporation cooperated with the State Capital Investment and Business Corporation (SCIC), and both sides agreed that SCIC would implement the project. In 2007, SCIC requested an adjustment to the construction plan for the IFT project, and both sides agreed to establish SCIC - Bao Viet Investment Company Limited (BSI) to replace the investor and carry out the project.

After numerous adjustments to the planning, in 2017, the Hanoi People's Committee issued Decision No. 3838/QD-UBND, approving the investment plan and requiring the contractor to complete the project and put it into use in the fourth quarter of 2020. However, progress subsequently stalled again due to new regulations on land price frameworks, requiring the investor to pay nearly 100 billion VND more in land lease fees to the state budget. At the end of 2021, the investor was granted a certificate of land use rights, ownership of houses and assets attached to the land by the Hanoi People's Committee. But once again, the project missed its deadline due to new changes in land management mechanisms according to Decree No. 03/2025/ND-CP dated January 1, 2025, issued by the Government , which regulates the rearrangement and handling of public assets, namely houses and land.

Speaking with a reporter from Hanoi Moi Newspaper, Nguyen Manh Hung, Deputy Head of the Economic, Infrastructure and Urban Planning Department of Yen Hoa Ward, said that the Yen Hoa Ward People's Committee had invited representatives of the investor to a meeting to request that the competent authorities resolve obstacles and expedite the project's implementation, avoiding waste and meeting urban development needs. Hanoi Moi Newspaper will continue to provide readers with updates on this project.

Source: https://hanoimoi.vn/du-an-20-nam-van-an-binh-bat-dong-714120.html