10,000 billion VND tower abandoned on prime land

A project of a bank with an investment capital of 10,000 billion VND has been left abandoned for many years, the land surrounding it is completely surrounded by corrugated iron and overgrown with weeds.

The project is located on the road leading to Thang Long Bridge ( Hanoi ), next to the entrance gate to Ciputra urban area, construction started in 2010 and has not yet reached the finish line.

According to the plan, the project has a total investment of 10,267 billion VND, is built on an area of ​​nearly 30,000m2 and consists of two towers. The first tower is 68 floors high, used as the main office of the bank; the second tower is 48 floors high.

According to the design, the two towers will be linked by a 7-storey podium for common uses such as conference and seminar rooms, a high-end shopping mall, a cafe and a restaurant. Currently, only the 48-storey tower (left) has taken shape, the 68-storey tower (right) has just emerged from the podium.

The mega project was scheduled to be completed in 2014 but remains unfinished. Due to being exposed to the elements for many years, many project components have rusted.

At the extraordinary General Meeting of Shareholders on December 8, 2018, the Board of Directors of this bank submitted to shareholders for approval a restructuring plan for the Headquarters Building Investment Project in Ciputra, Tay Ho, Hanoi.

The bank's Board of Directors proposed three project restructuring options.

A few people appeared at the project site on March 18.

Option 1 is to transfer all the assets of the project. After the project is completed, the bank will rent the 68-storey tower as its headquarters. When the lease expires, the bank will buy back the assets at a symbolic price or a method of determining the price that is specifically agreed upon.

With option 2 , the bank will transfer part of the project's assets including the 48-storey tower, the podium and other assets (if agreed). The bank will keep the 68-storey tower as its headquarters. The bank will ask for the State Bank's policy to be adjusted to complete the 68-storey Tower Headquarters Building itself.

The third option is that during the time the entire project or part of the project has not been transferred, the bank will continue to implement the project, speed up the progress, and protect the bank's interests.

Most of the project gates are currently closed and locked. Only one gate is open but few people go in and out.

In 2021, the bank said that by the end of the first quarter of 2021, there were 29 investors interested in the project, of which 21 investors had signed a confidentiality agreement to access the project's documents and appraise it. There were 2 investors with preliminary financial proposals and a number of investors with experience and strong financial potential were actively appraising to soon make a financial proposal.

In June 2021, the bank issued an invitation to bid for investment for experienced, financially capable and interested investors to submit their registration of interest; at the same time, come to work to be provided with information, to serve the investment appraisal and participate in the next stages of the project restructuring process.

However, the project is still almost inactive. In 2023, the bank sent a document to the Ministry of Construction requesting guidance on adjusting the total construction investment.

After 10 years, the project is still deteriorating over time.

Source : https://vietnamnet.vn/sieu-du-an-10-000-ty-dong-cua-vietinbank-bi-bo-hoang-15-nam-2382036.html