Hanoi says no to high-rise apartments on prime plot
A cultural, trade and service complex will be built by a Vingroup subsidiary on the plot of land that used to be Hanoi's biggest exhibition center, instead of the 10 high-rise apartment buildings originally planned.
Hanoi Vice Chairman Duong Duc Tuan disclosed the information when answering a question raised at a Thursday People’s Council meeting. He was asked why the 148-hectare plot of land at 149 Giang Vo street had stayed empty for so many years.
Tuan said that procedures are being completed so that work on the trade and service complex can begin next year.
The plot of land at 149 Giang Vo street has stayed idle for many years. Photo courtesy of Vinhomes Gallery.
The news caught public attention as the prime location was an iconic one with the largest exhibition center that hosted major events including international fairs and cultural events like concerts.
The latest move would help reduce traffic and population pressure in the area, which is about five kilometers from Hoan Kiem (Sword) Lake, the heart of Hanoi's central district of Hoan Kiem.
In mid-2016, Hanoi allowed Vietnam Exhibition Fair Center JSC, a subsidiary of Vingroup, to build an apartment, trade and service complex on 68,380 square meters, but it has remained an empty site since.
The People’s Committee then approved a 1/500 detail plan for ten 50-storey apartment buildings to be built on the site.
An illustration of the ten 50-storey apartment buildings to be built on the site under the old plan. Photo courtesy of Vinhomes Gallery.
Then, in deference to public opinion and following the government’s direction, the committee cancelled its in-principle approval of the project in March 2019.
Tuan said that the multi-function complex will have hotels, office and retail space while ensuring relevant architectural and planning requirements are met.
Project investors have agreed to implement the project as soon as investment procedures are completed, he added.
Vietnam Exhibition Fair Center JSC, registered on the unlisted public company market (UPCom: trading code VEF), was formerly named Vietnam Exhibition Fair Center Ltd., with the state its sole owner. Following privatization in 2015, Vingroup, Vietnam's largest listed conglomerate by market capitalization, now holds the majority stake.
VEF is now the investor of two other big projects. One is a national exhibition fair center project in Dong Hoi and Xuan Canh communes, Dong Anh district, Hanoi. It is capitalized at more than $319 million, of this 15% comprises investor equity. Construction commenced in the fourth quarter of 2020 and is set to complete in the third quarter of 2024.
The other is a $831 million functional area in the South Thang Long Road urban project in Me Tri, Trung Van and Phu Do communes of Nam Tu Liem district, Hanoi, with 15% being investor equity.
VEF’s profit after tax grew 135% to $14.3 million in 2021.
- Read More
Vietnam Rubber Group plans capital hikes for listed subsidiaries as earnings climb
Vietnam Rubber Group (HoSE: GVR) plans to raise capital at several of its listed subsidiaries, starting with Phuoc Hoa Rubber, as the state-controlled giant seeks to strengthen its subsidiaries while benefiting from high rubber prices and expanding industrial park operations.
Companies - Wed, June 17, 2026 | 8:14 pm GMT+7
Vinhomes to cease land bank expansion in Vietnam, focus on capitalizing on existing projects
Vietnam’s largest listed property developer Vinhomes, a subsidiary of Vingroup (HoSE: VIC), will stop acquiring new land in the domestic market, shifting its focus toward developing its existing portfolio and extracting greater value from projects already under its control, chairman Pham Thieu Hoa said.
Companies - Wed, June 17, 2026 | 5:19 pm GMT+7
State-controlled machinery firm VEAM announces highest dividend payout in 4 years, stock listing still on hold
Vietnam Engine and Agricultural Machinery Corporation (VEAM) plans to pay more than VND6.96 trillion ($264.46 million) in dividends for 2025 at a payout ratio of 52.4%, its record high in four years, while its long-delayed stock exchange listing remains on hold due to unresolved legacy issues.
Companies - Wed, June 17, 2026 | 3:30 pm GMT+7
Aeon Mall Vietnam achieves double-digit growth in 2025, accelerates network expansion
Japan’s retail giant Aeon Mall continued to record strong growth in Vietnam last year while accelerating the expansion of its network in Danang, Thanh Hoa, Quang Ninh, and several other localities across the country.
Economy - Wed, June 17, 2026 | 2:53 pm GMT+7
Palm City project enters new development phase as Palm River subdivision launched
Nam Rach Chiec Company Limited, together with Huong Viet Properties, recently held the Palm City Urban Area kick-off ceremony and officially launched the Palm River subdivision, marking the beginning of a new development phase for the 30.2-hectare urban township in Ho Chi Minh City.
Real Estate - Wed, June 17, 2026 | 11:27 am GMT+7
Petrovietnam's assets top $44.8 bln in 2025, profit jumps 39%
Petrovietnam ended 2025 with total assets exceeding VND1,178 trillion ($44.8 billion), up nearly VND100 trillion ($3.8 billion) from a year earlier, while reporting a 39% increase in net profit and maintaining one of the country's largest cash positions.
Companies - Wed, June 17, 2026 | 8:00 am GMT+7
Coteccons dismisses concerns over executive departure, competition from Vingroup's arm
Vietnam's leading contractor Coteccons (HoSE: CTD) said a recent change in senior management was unrelated to the company's share price performance, as executives highlighted record order backlog and accelerating earnings growth amid a recovery in Vietnam's construction industry.
Companies - Tue, June 16, 2026 | 5:26 pm GMT+7
VinaCapital lists 2 strategic ETFs as Vietnam fund market broadens
Vietnam’s leading investment management firm VinaCapital has listed two strategic exchange-traded funds (ETFs) on the Ho Chi Minh City Stock Exchange, expanding investment options for investors seeking targeted exposure to Vietnam's long-term economic growth themes.
Finance - Tue, June 16, 2026 | 4:39 pm GMT+7
Oil & gas industry gives Vietnam edge in offshore wind supply chain: Global Wind Energy Council CEO
Vietnam is well positioned to play a significant role in the offshore wind power supply chain thanks to its established manufacturing base and expertise developed through its oil & gas industry and existing wind power projects, according to Ben Backwell, CEO of the Global Wind Energy Council (GWEC).
Energy - Tue, June 16, 2026 | 4:31 pm GMT+7
Vietnam banking, retail, oil stocks well placed for market recovery: brokerages
Vietnamese banking, retail and oil-gas stocks are among the sectors best positioned to benefit from a potential market recovery after months of pressure from geopolitical tensions and macroeconomic headwinds, according to local brokerages.
Finance - Tue, June 16, 2026 | 1:04 pm GMT+7
Petrovietnam, Huawei discuss cooperation in digital transformation, AI, energy technologies
State-owned Petrovietnam and China's Huawei Technologies discussed potential cooperation in digital transformation, artificial intelligence and digital energy infrastructure during a meeting last week, as the Vietnamese giant seeks to modernize its operations and expand into new energy sectors.
Companies - Tue, June 16, 2026 | 12:20 pm GMT+7
Over 38% of Vietnamese businesses still face informal costs despite reforms: survey
More than 38% of businesses in Vietnam still pay informal charges, highlighting persistent gaps between regulatory reforms and their implementation, according to a survey by the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Tue, June 16, 2026 | 11:26 am GMT+7
China ready to expand railway, power connectivity with Vietnam: PM
China is prepared to strengthen railway cooperation and enhance power grid connectivity with Vietnam, thereby expanding logistics corridors, trade links, and energy cooperation, said Chinese Premier Li Qiang during a phone talk with his Vietnamese counterpart Le Minh Hung on Monday.
Economy - Tue, June 16, 2026 | 8:52 am GMT+7
VN-Index approaches 1,800-point mark as easing Middle East tensions lift sentiment
Vietnam's benchmark VN-Index edged closer to the 1,800-point threshold on Monday as improving sentiment over easing tensions in the Middle East boosted risk appetite, driving gains in brokerage stocks while oil and Vingroup-related stocks weighed on the market.
Finance - Mon, June 15, 2026 | 8:34 pm GMT+7
Japanese products dominate Vietnamese consumer trust, but younger shoppers rewriting rules
Japanese products continue to enjoy the highest level of trust among Vietnamese consumers, reinforcing the country’s position as the benchmark for quality and reliability in one of Southeast Asia’s fastest-growing consumer markets, according to a new survey by market research firm Q&Me.
Economy - Mon, June 15, 2026 | 6:48 pm GMT+7
VinEnergo ramps up renewable energy push with 4 new subsidiaries
VinEnergo, the energy arm of Vietnamese conglomerate Vingroup, has accelerated its expansion into the power sector, establishing four new subsidiaries within a week as it builds a growing portfolio of renewable energy and infrastructure projects across Vietnam.
Companies - Mon, June 15, 2026 | 4:52 pm GMT+7
