20-year project still "inactive"

However, after nearly 20 years, the project is still "inactive", the construction area is abandoned, overgrown with weeds, wasting land and affecting the urban landscape.

The land for the International Finance Tower project at 220 Tran Duy Hung Street (Yen Hoa Ward) has not been constructed for many years.

In 2025, the International Finance Tower project was approved by the Hanoi People's Committee, assigned to Bao Viet Life Corporation to build on a land area of 13,159m², construction area of 3,850m², construction density of 29.3%, total floor area of 115,000m² (excluding basement). The project is designed to be 34 floors above ground, 3 basements, maximum height of 150m with a total estimated investment of more than 3,579 billion VND. The project's goal is to build a multifunctional high-rise building, including offices for rent, commercial centers, and services.

Due to slow implementation, the land area of more than 13,000m² at 220 Tran Duy Hung Street has become a dense forest, with trees growing up to 2-3m high, not only wasting land resources but also affecting the urban landscape, losing the opportunity to develop synchronous infrastructure in an area with rapid urbanization. Meanwhile, Hanoi is lacking land to develop high-quality commercial, service and office buildings, while a prime location of land is abandoned, causing public outrage.

In investigating the case, we learned that the reason for the project's delay was due to planning adjustments and legal procedures. In 2005, the Ministry of Finance sent a document requesting the Hanoi People's Committee to allow Bao Viet Life Corporation to use a 1.6-hectare plot of land along Tran Duy Hung Street to build a headquarters. This was approved in principle by the Hanoi People's Committee to allocate land to Bao Viet Life Corporation to study and develop a project to use the above-mentioned land to build a headquarters and office, with a land use period of 50 years.

On December 23, 2005, Bao Viet Life Corporation paid the full amount of land use fees to the budget with a total amount of more than 236.7 billion VND and was approved by the city to build the IFT project in accordance with the planning determined by the Department of Planning and Architecture in Document No. 1719/QHKT-P1 dated October 20, 2004. At this time, Bao Viet Life Corporation cooperated with the State Capital Investment Corporation (SCIC), the two parties agreed to let SCIC implement the project. In 2007, SCIC requested to adjust the construction planning of the IFT project, and the two parties agreed to establish SCIC - Bao Viet Investment Company Limited (BSI) with the purpose of replacing the investor to implement the project.

After many planning adjustments, in 2017, the Hanoi People's Committee issued Decision No. 3838/QD-UBND, approving the investment policy, and at the same time requiring the unit to complete the project and put it into use in the fourth quarter of 2020. However, the progress then continued to stagnate due to new regulations on land price framework, the investor had to pay an additional 100 billion VND in land rent to the state budget. At the end of 2021, the investor was granted a certificate of land use rights, house ownership rights and assets attached to the land by the Hanoi People's Committee. But once again, the project "missed the deadline" due to new changes in the land management mechanism according to Decree No. 03/2025/ND-CP dated January 1, 2025 of the Government promulgating regulations on the rearrangement and handling of public assets such as houses and land.

Speaking to reporters of Hanoi Moi Newspaper, Deputy Head of the Economic Infrastructure and Urban Department of Yen Hoa Ward Nguyen Manh Hung said that the People's Committee of Yen Hoa Ward has invited representatives of the investor to work, thereby recommending competent authorities to remove obstacles, promote the project to be implemented soon, avoid waste to meet the needs of urban development. Hanoi Moi Newspaper will continue to inform readers about this project.

Source: https://hanoimoi.vn/du-an-20-nam-van-an-binh-bat-dong-714120.html