After years of stagnation, Vicem's landmark office tower on Hanoi's Ring Road 3 was officially revived in 2025. Yet the construction site remains largely silent. Now, a proposal to transfer the project for use as headquarters by a government ministry may finally offer the long-abandoned structure a path forward.

W-vicem vietnamnet 1.jpg
The Vicem Operations and Trading Center is located on Ring Road 3, next to the Keangnam Landmark complex.

The Vicem Operations and Trading Center project is located on Ring Road 3, adjacent to the Keangnam Landmark complex, and was developed by Vietnam Cement Corporation (Vicem). Originally launched in 2010, the project carries a revised investment value of more than VND2.743 trillion ($105.5 million) and includes 31 above-ground floors and four basement levels.

Construction began in May 2011, and the structural framework was completed in August 2015. Since then, however, the project has remained dormant, becoming one of Hanoi’s most prominent unfinished developments.

At the beginning of 2025, Vicem announced plans to restart the project. However, observations recorded on May 31 showed little evidence of active construction, with many parts of the building still unfinished.

The site has also become the subject of discussions among government agencies. In February 2026, the Ministry of Construction received a proposal to consider transferring the land parcel designated 10E6 to another ministry for use as office space for affiliated agencies.

According to information obtained by VietNamNet, the Ministry of Finance has since issued guidance on the matter. Under the proposed arrangement, Vicem would hand over the project in its current condition.

Should the transfer proceed quickly and the building be put into use, it would mark a welcome development for a project that has stood as a symbol of waste and inactivity for more than a decade.

W-vicem vietnamnet 3.jpg
The tower consists of 31 above-ground floors and four basement levels.
W-vicem vietnamnet 4.jpg
Construction began in May 2011 and has remained inactive since 2015.
W-vicem tower vietnamnet.jpg
Vicem announced the project's revival in early 2025. (Archive photo taken in March 2025)
W-vicem vietnamnet 9.jpg
Although Vicem announced a restart in March 2025, little meaningful construction activity has been recorded at the site.
W-vicem vietnamnet 6.jpg
The unfinished tower is expected to be transferred for use, potentially ending years of neglect and uncertainty. The project has also become entangled in a broader legal case involving former Vicem executives.

On March 2, 2025, the Ministry of Public Security's Investigation Police Agency initiated criminal proceedings for alleged violations of regulations governing the management and use of state assets resulting in losses and wastefulness. The case involves Vicem and related entities.

On May 28, the High People's Court in Hanoi continued appellate proceedings following appeals filed by defendants involved in the case.

At the hearing, prosecutors proposed reducing the prison sentence of Le Van Chung, former Chairman of Vicem’s Members’ Council, by between 18 and 24 months. They also recommended reducing the sentence of Nguyen Ngoc Anh, former General Director of Vicem, by between six and nine months.

In the first-instance trial, Chung and Anh had received prison sentences of 13 years and 15 years respectively.

Prosecutors also proposed sentence reductions ranging from three to 24 months for several other defendants involved in the case.

Hong Khanh