Recently, the Ministry of Construction sent a document to the Prime Minister proposing that the Vietnam Cement Corporation (Vicem) continue to complete the Vicem Operations and Transaction Center project (Vicem Tower) at Lot 10E6, Cau Giay New Urban Area, Hanoi, to put it into operation.
Vicem Tower was built in 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 stoppage and abandonment.
Vicem Tower was decided to be invested by Vicem's Board of Members in September 2010 on a land area of over 8,500 m2 , construction area of 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 and was expected to be completed after about 3 years, but progress was slow and the start of operation was later 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 delayed 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 for transfer, hoping to recover 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, 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 it is appropriate, economical, and in compliance with the law.
After receiving the proposal report of 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.
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