Ho Chi Minh City: There is no basis to resolve the petition regarding the financial obligations of the 88-storey Observation Tower project.

According to the Ho Chi Minh City Department of Finance, with the proposal of the investor of the 88-storey Observation Tower project in the Thu Thiem New Urban Area after re-determining the land price, there is currently no basis to resolve the proposal of this enterprise.

Project model of 88-storey Observation Tower Complex in Thu Thiem New Urban Area. Graphic image of the project

On the afternoon of September 25, the Ho Chi Minh City Department of Finance announced that the City's Land Valuation Council had agreed on the land price plan for the 88-storey Observation Tower Complex project in the Thu Thiem New Urban Area. This is the basis for economic settlement of the investor, the Imperial City Joint Venture Company Limited.

According to the appraisal results, the total value of land use fees of the project increased by more than 5,000 billion VND. The Ho Chi Minh City Department of Finance assessed this as a case of high land use fees and the investor had made many recommendations. However, the determination of land prices was carried out in accordance with regulations, so up to now there is no basis to consider the proposals of the enterprise.

Previously, the Imperial City Joint Venture Company Limited said that the authorities had determined the additional financial obligation for the project to be over VND8,800 billion, an increase of 246% compared to the land use fee that the investor had paid. The company requested the authorities to review the additional financial obligation in accordance with the conclusion of the Government Inspectorate , based on the time of land allocation in 2015 and applying the legal regulations at that time.

In addition, regarding the Thu Thiem New Urban Area, on August 20, the Ho Chi Minh City Department of Finance received a document from Lotte Properties HCMC Co., Ltd. regarding the termination of the contract to implement the Smart Complex project (Thu Thiem Eco Smart City) in Functional Area 2a. However, up to now, the Department has not received any documents to terminate the project according to the provisions of Article 57, Decree 31/2021/ND-CP of the Government. Thus, in principle, Lotte Properties HCMC Co., Ltd. is still the investor implementing the Thu Thiem Eco Smart City project in Functional Area 2a according to the legal documents approved by the competent authority.

Source: https://baotintuc.vn/van-de-quan-tam/tp-ho-chi-minh-chua-co-co-so-giai-quyet-kien-nghi-ve-nghia-vu-tai-chinh-cua-du-an-thap-quan-sat-88-tang-20250925210423472.htm