Cement Corporation asks to invest in completing abandoned trillion-dong tower

Recently, the Ministry of Construction sent a document to the Prime Minister proposing that the Vietnam Cement Corporation (Vicem) continue to complete the Vicem Operation and Transaction Center project (Vicem Tower) at Lot 10E6, Cau Giay New Urban Area, Hanoi City, to put it into operation.

Tổng công ty Xi măng xin đầu tư hoàn thiện tòa tháp ngàn tỉ đồng bỏ hoang - Ảnh 1. — Vicem Tower was built in a rough condition and then abandoned for many years.

According to the Ministry of Construction, this is a proposal from the Cement Corporation itself regarding the policy of reviving the Vicem tower after many years of construction stopping and abandonment.

Vicem Tower was decided to be invested by Vicem Board of Members in September 2010 on a land area of more than 8,500 ^m2 , construction area is 2,800 ^m2 , the project includes 31 floors above ground and 4 basements. The goal is to build the office of Vietnam Cement Corporation and its member units, conference hall and commercial services.

The project started in 2011, expected to be completed after about 3 years but was behind schedule, then the operational date was postponed to the end of 2017. The initial total investment was nearly 1,952 billion VND, and was adjusted to increase to more than 2,743 billion VND (an increase of nearly 800 billion VND).

After the Vicem Tower project was behind schedule and over budget, Vietnam Cement Corporation requested the Ministry of Construction to submit to the Prime Minister for permission to develop a plan and find a partner to transfer, hoping to recover the investment capital.

In August 2016, the Ministry of Construction reported to the Prime Minister and received approval in principle to allow Vicem to transfer the Vicem Tower project in March 2017.

However, the process of implementing the steps to transfer the Vicem tower project encountered many difficulties and problems related to investment laws; land; rearrangement and handling of houses, land and related laws; the sluggish real estate market...

Therefore, Vicem proposes to continue investing in completing the Vicem Tower project. If approved, Vicem will review the project to ensure suitability, savings, and compliance with the law.

After receiving the proposal report from the Ministry of Construction, the Government Office sent a document to the ministries of Justice, Finance, Planning and Investment, Natural Resources and Environment and the Hanoi People's Committee requesting comments as a basis for submission to the Prime Minister for consideration and decision.

Construction faces difficulties, cement company reports large loss | Economic Movement

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