VietNamNet Bridge – Investors raced to win the title “the highest building in Vietnam” but these works have had a hard lot.

In 2010, Bitexco Financial Tower in HCM City was recognized as Vietnam's tallest tower. However, it was usurped by the 72-storey, 336m Keangnam Hanoi Landmark Tower. Keangnam Group spent about $1 billion to build the tower, to serve office, housing, and commercial centers.

Lotte Center Hanoi Tower is also noted for its huge investment. With 65 floors and a height of 267 meters, Lotte Center Hanoi is considered the second highest tower in Vietnam and the second tallest in the North.

About 7m shorter than Keangnam Hanoi Landmark Tower, the Lotte Center Hanoi’s construction cost was less. The Korean investors spent about $500 million on this work.

Keangnam Hanoi Landmark Tower is Vietnam's tallest tower, but this title has been given several times to other works.

Keangnam Hanoi Landmark Tower.

The first is the PVN tower. In 2011, the Vietnam Oil and Gas Group (PetroVietnam) announced to build PVN Tower, the tallest building in Vietnam and the second highest in Asia. The building will be a complex of offices, apartments and shopping centers.

The project is expected to commence in early 2011 and be completed after 2.5 - 3 years. However, after four years this project has not been implemented. The estimated funding for this work is up to $1.2 billion.

The building was recently proposed to lower the height to 79 floors and cut investment cost to $600 million, with a new name and new investor.

Most recently, the Ho Chi Minh City People’s Committee granted an investment licence to the Empire City project worth $1.2 billion inside Thu Thiem urban zone.

Covering 14.5 hectares, the complex will include a trade centre, five-star hotel, office building, apartment building and underground parking lot. The highlight of the project will be an 86-storey skyscraper, developed to be an observatory tower and the tallest building of Vietnam.

Construction on the project is expected to begin within this year and be completed in 2022 through four phases.

Hard lot

Lotte Center Hanoi.

Most of the tallest towers in Vietnam have a hard lot, especially the Keangnam Hanoi Landmark Tower.

When the project was announced, an unprecedented bet worth VND100 billion ($5 million) was made, related to whether the investor can complete the project at the committed pace or not.

After that a series of incidents occurred. The public complained that the investor had sold around 40% of the apartments of the two 48-storey buildings when the construction of the basement just began. Worse, many workers died in accidents at work.

In 2011, the local media heated up with disputes between Keangnam Hanoi Landmark Tower management board and local residents on the service charges.

Besides, Keangnam Hanoi Landmark was also suspected of transfer pricing and tax evasion. Most recently, the parent company in Korea offered it for sale.

For Lotte Center Hanoi, not long after its inauguration, an elevator accident was reported. The customers threatened to boycott the shopping malls here because of discrimination.

Meanwhile, PVN Tower is still fallow after more than 4 years, after the change of the investor and lowering of the height.

Will the Empire City project will be implemented smoothly?