VietNam Business: project

Showing posts with label project. Show all posts

Monday, February 21, 2011

Vietinbank begins works on Hanoi tower project

An artist's impression of Vietinbank Tower project in the capital city’s Ciputra urban area in Tay Ho District

Photo: Photo courtesy of Vietinbank

The Vietnam Commercial Joint Stock Bank for Industry and Trade, better known as Vietinbank, today began work on the US$400 million Vietinbank Tower project in the capital city’s Ciputra urban area in Tay Ho District.

The tower complex, which is expected to be completed early in 2014, will include a 68-floor tower which will be used as the bank’s head office and lease office spaces and a 48-floor tower which will house for a hotel, condos for lease, and a trade center.

It is designed by the London-based architects Foster & Partners and supervised by the US-based firm Turner. The building is designed with environmentally-friendly features and modern technologies that are expected to save at least 35 percent of energy compared with typical buildings.

The Vietinbank Tower is the first project of Foster & Partners in Vietnam.

The tower and the Ho Chi Minh City-based Bitexco Financial Tower are ranked second in existing building’s height after the 70-story Keangnam complex in Hanoi, according to newswire Vnexpress.

Sunday, February 20, 2011

First biomass plant project licensed in Phu Tho

HCMC – Authorities in the northern province of Phu Tho have awarded an investment certificate to develop a biomass power plant in Phong Chau Town of Phu Ninh District.

The project with a generation output of 40MW or about 330 million kWh a year is invested by the Vietnam Hi-tech Biomass Joint Stock Co., the Vietnam News Agency reports.

The project will use rice straws, corn stalks and other bio materials as feedstock for the power plant, which helps reduce environment pollution. The news agency reports that the project will use modern technologies from G8 countries.

The project needs some VND1.16 trillion in investment capital.

Ho Dai Dung, deputy director of the provincial Department of Planning and Investment, said that the project would be operational in 2013 and create nearly 3,500 jobs for locals.

Besides, the project will help farmers of the province to earn more from agricultural organic wastes and other garbage in rural areas.

According to experts, the use of such materials as fuel is not only environmentally friendly as it releases less CO2 when burnt than fossil fuels do, but also helps bring stable income to farmers in the country.

Local developers launch low-cost condos

Some buyers take a look at a blueprint of Binh Duong New City displayed at the sales launching event of TDC Plaza in Binh Duong Province last week - Photo: Dinh Dung

HCMC – Two local property developers have launched their condo projects currently underway in HCMC and the southern province of Binh Duong, offering more options to homebuyers who are searching for affordable homes.

Hai Thanh Trade and Production and Vinaconex Xuan Mai companies announced on Monday to start marketing their affordable condo project named Binh Tri Dong B on Ten Lua Street in HCMC’s Binh Tan District.

The apartment building is in a residential project called Hai Thanh – Ten Lua, which covers some 6.5 hectares and is designed with 104 garden houses, 31 row houses and three 12-story buildings with 352 apartments measuring 52 to 75 square meters each.

The developer said those apartments would be offered at VND10.5 million per square meter. The total value starting from around VND550 million per apartment is believed within the reach of many people, especially white-collar workers.

The company said it had partnered with banks such as Sacombank, HDbank and Techcombank to give financial support to homebuyers, offering loans with a down payment made within 20 years.

The condo project is scheduled for completion by the first quarter of 2012.

In another project, Binh Duong Trade and Development JSC late last week launched the second phase of a sales program for its condo project named TDC Plaza under development in the southern province of Binh Duong, some 35km from HCMC.

TDC Plaza is a component in Binh Duong New City, which covers some 1,000 hectares of land encompassing six communes in Ben Cat District and Thu Dau Mot Town in the province.

The project requires some VND1,000 billion for development and is designed with five blocks of buildings with 779 apartments from 82 to 117 square meters.

Doan Van Thuan, general director of the company, said TDC Plaza would hit the market with 150 apartments in the second phase of the sales program, with prices ranging from VND15 million to VND16 million per square meter.

The company wrapped up its first phase with 100 apartments sold out. Nearly half of the buyers came from HCMC, while investors from Hanoi accounted for 30% and the rest was locals.

The developer offers potential buyers down payment of up to eight years, instead of around three years as often seen.

Thursday, February 17, 2011

S.Korea’s Lotte eyes Vietnam’s highest skyscraper project

HCMC chairman Le Hoang Quan (R) listens to Lotte Group vice chairman Dong Bin Shin introducing the company’s observatory tower project on Thu Thiem Peninsula during the meeting on Saturday - Photo: Kinh Luan

HCMC – South Korea’s Lotte Group has reaffirmed its interest in a US$2-billion project to develop what will become the country’s highest skyscraper on Thu Thiem Peninsula in HCMC’s District 2.

Speaking at a meeting on Saturday with city chairman Le Hoang Quan, Dong Bin Shin, vice chairman of Lotte, said the company wanted to get involved in the observatory tower project.

However, the city leader said many other investors had shown keen interest in the forthcoming new urban area, so Lotte would have to join competitive tenders for the development of this area.

“Although we’ve signed with Lotte a memorandum of understanding (MOU) for the project’s study, you have priority for three months only. According to the rule, after this period we can invite others to study the project and formulate an investment plan,” explained Quan.

Quan told Dong that the city government would consider choosing the best plan and then submit it to the central Government.

As one of Thu Thiem New Urban Area’s main projects, the observatory tower will be built on a 20 hectare site in the 737- hectare new urban area.

Lotte was ahead of almost 20 other investors to submit a master plan for Thu Thiem to the city government. On June 18 last year, Lotte Asset Development Company signed with the HCMC Department of Planning and Investment the MOU in which the Korean firm promised to build the 100-storey observatory tower as well as a five-star hotel, an indoor theme park, an outdoor amusement park, shopping malls, international school, and office and residential buildings.

Starting business in Vietnam since 1996, Lotte is active in five areas in Vietnam, namely food processing and retailing, construction, real estate, logistics and trade.

Lotte is involved in a US$400-million, 65-storey Hanoi City Complex project in Hanoi. Lotte’s total investment capital pledges in Vietnam have amounted to more than US$100 million.

Monday, February 7, 2011

Construction begins on Mikasa property project

An artist’s impression of Mikasa property project - Photo: Courtesy of C.T Group

HCMC – Nguyen Hong Joint Stock Co. on Wednesday started construction of its property project Mikasa on Nguyen Hong Street in HCMC’s Go Vap District, which once in place in early 2012 will supply the market with 156 apartments.

The company said in a statement on Wednesday that the 15-story building with total floor area of 29,000 square meters with use the first floor for commercial and service facilities.

The apartment building is designed by Malaysian company GDP Architect, which is also the designer for the Sheraton Hanoi Hotel in Vietnam.

The total investment of the project is about VND300 billion. CB Richard Ellis is in charge of marketing and sales for the apartment building expected to be opened in January 2012.

Nguyen Hong Joint Stock Co. is a joint venture between C.T Group and Malaysia-based Parkland.

The C.T Group has 36 member companies operating in six fields, including real estate, tourism, and financial investment.

The group said that three of its subsidiaries are expected to list stocks on bourse between now and 2012. They are C&T International Joint Stock Company, C.T Retail Joint Stock Company and Joint Stock Company, and Green Valley Minerals Joint Stock Company, with combined capital of VND1.663 billion.

Sunday, January 30, 2011

Major property project launched in Hanoi

An artist’s impression of the Royal City project in Hanoi - Photo: Courtesy of Hoang Gia Real Estate

HCMC - Hoang Gia Real Estate Investment and Development JSC announced on Monday to launch apartments and lease retail spaces in a major property project underway in the capital city of Hanoi.

The affiliate of Vincom Corporation said the Royal City project had had the foundation of the first building completed, making it ready to sign contracts with homebuyers and tenants of apartments and retail spaces.

The property project, covering some 13 hectares along Nguyen Trai Street in Hanoi’s Thanh Xuan District, will cost around VND10 trillion.

Royal City will come with European architecture and have sections for hotel, offices, apartments and some 200,000 square meters of retail, an indoor water park, an ice skating rink, an entertainment area and eateries.

In addition to some 70,000 square meters of green space, there will be a 300,000-square-meter underground parking lot for residents and visitors.

The developer said that although it is under construction, around 30% of the project’s total retail spaces have been registered by future tenants.

As scheduled, Royal City will be up and running by late 2013.

Thursday, January 20, 2011

Harbour construction delays raise fears among boat owners

THUA THIEN-HUE — The tardy progress of the construction of a US$2.1 million harbour in the central province of Thua Thien-Hue has left hundreds of boat owners worried for the safety of their vessels during the fast approaching stormy season.

The Phu Hai breakwater project was started in 2008 by the provincial Department of Agriculture and Rural Development and was expected to provide safe moorings to 500 boats. It was due for completion in May of this year.

However, the project was still not finished and was unlikely to be completed by the end of this year, said Phan Van Song, Phu Hai Commune's Party Committee Secretary.

Song said that the project's progress was lagging behind because the contractor, Vinashin Infrastructure Construction and Development Company, was short of both construction facilities and human resources.

"The work must be urgent, but there were only a few workers on the construction site," he said.

According to industry expert Tran Cong Dang Tuong, only around 300 metres of the total 625-metre-long breakwater needed had been completed and other sections also remained unfinished.

Phan Thanh Hung, head of the province's Sub-department of Dyke Management, Flood and Storm Control said that relevant parties had agreed to push back the deadline until June 2011.

The province's Department of Agriculture and Rural Development did not want to change to another contractor as the process of tendering and the transfer of documents would take too long, Hung said.

Currently there are 4,000 boats and ships operating in the waters off the province and of the 32 harbours available, only 12 were correctly constructed with safe wharves. — VNS

Wednesday, January 19, 2011

Charm Engineering to build huge complex in Binh Duong

Jeon Yong Ho, marketing director of Charm Engineering Co., Ltd introduces the Charm Plaza property project seen in the background on Thursday - Photo: Quoc Hung

HCMC – South Korea’s Charm Engineering on Thursday announced to choose Posco E&C as the contractor to build phase 1 of its Charm Plaza project as a mix-use property complex in the southern province of Binh Duong.

The Charm Plaza project will be an apartment complex comprising of six 25-floor blocks with about 2,700 units plus supermarkets, said the company, which is more known as a manufacturer of LCD equipment and semi-conductors. The sprawling complex, covering five hectares at Song Than area in Di An District, will have total floor space of 363,000 square meters.

This project is a big-scale one comparable to major urban development projects not only in Binh Duong Province but also in HCMC, said Jeon Yong Ho, marketing director of Charm Engineering Co., Ltd at a press meeting.

The US$200-million project will set up model houses next month for introduction to customers, he said, adding sales marketing for the project would start soon. “We are planning to carry out marketing activities right from October 2010.”

On the other hand, the company is also running a pre-sale campaign, and many people in surrounding areas of the project in Binh Duong have made phone calls asking for information about the project, he said.

Apartments at Charm Plaza vary from 50 to 115 square meters in size, and the company plans to set up a reasonable selling price range from US$800 to US$1,000 per square meter.

Ho added that by providing amenities such as swimming pools like the standard for resorts, Charm Plaza has created a difference from other apartments. In addition, when the second phase of this project is in place, Charm Plaza will attract supermarket operators to invest in Binh Duong.

By choosing Posco E&C as the contractor, Charm Engineering is expecting to achieve positive results in selling apartments in the future, he said. The contractor Posco has established its reputation in Vietnam via building the Diamond Plaza in the center of HCMC.

Starting its investment in Vietnam since 2007, Charm Engineering has seven real estate projects with combined investment capital of more than US$890 million.

Ho said Charm Engineering would continue other projects including Toc Tien new town in Ba Ria-Vung Tau Province covering more than 183 hectares; a five-star resort hotel in Chi Linh area in Vung Tau City over 10.5 hectares; a serviced apartment building in Binh Thanh District, HCMC and another apartment project with 500 units in Thu Dau Mot Town, Binh Duong.

Tuesday, January 18, 2011

Theme park builder concerned about nearby waste complex

HCMC – The developer of the Disneyland-style Happyland Vietnam project in the southern province of Long An on Wednesday expressed grave concern over a nearby, huge waste treatment project still under preparation.

The US$2 billion Happyland Vietnam tourism and recreational project is to be developed by a subsidiary of the HCMC-based Khang Thong Group. This theme park, expected to cover 300 hectares along the Vam Co Dong River in Ben Luc District, suddenly finds itself located in close proximity with what will become a dumpsite nearly six times larger.

This huge “land of happiness” is expected to start construction early next year and to open from April 2014 with an estimated 14 million visitors a year, said Nguyen Anh Diep, CEO of Happyland Entertainment Development Joint Stock Company under Khang Thong Group.

Diep told the Daily on Wednesday that “the company is very concerned about negative impacts on his Happyland project because of bad odor from the Thu Thua Waste Treatment Complex” some 3km away.

The waste treatment site – which is still in the process of making the feasibility study – is to be developed by Vietnam Waste Solutions Company Limited (VWS), also the developer of Da Phuoc Waste Treatment Complex in HCMC that has already caused huge grievances to local residents.

“Environmental pollution could be occurring like what has been happening at Da Phuoc Waste Treatment Complex. If air is to be polluted, millions of visitors at the tourism area would suffer,” Diep said.

The future operation of the huge dumpsite will also damage the view of the park, he said.

Diep explained Happyland Vietnam was designed with a riverfront section stretching some 3.7 kilometers along the Vam Co Dong River, so it will be very inconvenient for visitors to see waste being transported from HCMC to the waste facility on barges passing by the river everyday.

Talking to the Daily on the phone on Wednesday, a leader of Long An Province said the province would strictly oversee the waste treating process of the Thu Thua Waste Treatment Complex to control environmental pollution when it starts operation. However, the leader gave no further comment on negative environmental impacts on the tourism project.

The dumpsite investor, meanwhile, is proceeding with the project, and is to hold a press conference on Thursday to announce the feasibility study including treatment technologies and investment capital.

Pham Thi Thuy Nga, communications manager of VWS, told the Daily on Wednesday that the company was expected to spend some US$700 million on this huge waste treatment facility over a period of 20 years.

Earlier, the Ministry of Construction and authorities of HCMC and Long An had given approval for VWS to develop the waste treatment area in Tan Thanh and Thu Thua districts of Long An to help treat large amounts of household waste for both Long An and HCMC.

The plan for developing Thu Thua Waste Treatment Complex was agreed upon in 2002 by Long An and HCMC governments. Meanwhile, the investor of Happyland Vietnam project got an investment certificate for the tourism and recreational site around two years ago.

Wednesday, January 5, 2011

Land ready for steel, power, port project

The management board of Vung Ang Economic Zone in the central province of Ha Tinh handed over last Friday 3,300 ha of land and sea surface to Taiwan's Formosa Group, investor in a US$16billion industrial complex.

The project includes a 7.5 million ton/year steel mill, a 1,600MW power plant, and the Son Duong Seaport which will have a handling capacity of 30 million tons of cargo per year.

The area comprises more than 1,900ha of land and over 1,300ha of sea surface.

Ha Tinh authorities said nearly 2,500 households with a population of more than 10,000 in the communes of Ky Lien, Ky Long, Ky Loi and Ky Phuong in Ky Anh District had moved to new re-settlement areas during the site clearance process which lasted over two years.

Members of families affected by the project received over VND1.9 trillion ($100 million) in site compensation and had been supported by the province's job-training programs, the authorities said.

In addition to the site clearance, the authorities also built a canal over 10km long to supply water to the refinery and a 5.2-km road for transporting heavy machinery and equipment for construction of the Son Duong Deep water Sea port.

According to Sai Gon Economic Times newsmagazine, the Taiwanese group has also decided to raise investment in the first stage of the project from $7.9 billion to $8.9 billion.

Total investment of the two stages of the project amounts to $16 billion.

The project is expected to employ 10,000 local workers when the first stage is completed and the figure can increase to 30,000 after completion of the second stage.

Chu Xuan Pham, an engineer with Hung Nghiep Formosa Co, said construction of the steel refinery would be completed in 36 months and building of Son Duong Port to be completed in 48 months as required in the company's investment license.

Land ready for steel, power, port project

Contractors remove sand for a steel mine in Thach Khe District, central Ha Tinh Province. The province has handed over 3,300ha of land and sea surface for projects in Vung Ang Economic Zone. — VNA/VNS Photo Cong Tuong

HA TINH — The management board of Vung Ang Economic Zone in the central province of Ha Tinh handed over last Friday 3,300 ha of land and sea surface to Taiwan's Formosa Group, investor in a US$16billion industrial complex.

The project includes a 7.5 million tonne/year steel mill, a 1,600MW power plant, and the Son Duong Seaport which will have a handling capacity of 30 million tonnes of cargo per year.

The area comprises more than 1,900ha of land and over 1,300ha of sea surface.

Members of families affected by the project received over VND1.9 trillion (nearly $100 million) in site compensation and had been supported by the province's job-training programmes, the authorities said.

In addition to the site clearance, the authorities also built a canal over 10km long to supply water to the refinery and a 5.2-km road for transporting heavy machnery and equiment for construction of the Son Duong Deep water Sea port.

According to Sai Gon Economic Times newsmagazine, the Taiwanese group has also decided to raise investment in the first stage of the project from $7.9 billion to $8.9 billion.

Total investment of the two stages of the project amounts to $16 billion.

The project is expected to employ 10,000 local workers when the first stage is completed and the figure can increase to 30,000 after completion of the second stage.

Sunday, January 2, 2011

Fruit and vegetable export prices rise

HA NOI — Fruit and vegetable export prices increased by 0.9 per cent against August, this year. Prices of fruit and vegetables saw a 7.8 per cent year-on-year increase according to Viet Nam Fruit and Vegetables Association (Vinafruit). Prices of some food items, such as fresh chilli, dry garlic, and dragon fruit all registered significant increases.

Vinamilk ups purchase price of milk

HCM CITY — The Viet Nam Dairy Products Joint Stock Company (Vinamilk) on September 30 increased its purchase price of milk from farmers by VND1,000 per kilogramme.

The move aims to help farmers overcome difficulties due to rising animal feed costs while encouraging them to improve both yield and quality of milk from their herds, the company said.

The company will now buy milk for between VND9,250 and VND10,250 per kilo depending on the location, it said.

$1.8 million Oolong tea factory inaugurated

LAM DONG — The foreign invested Haiyih Ltd Co on Thursday put into operation an Oolong tea processing factory.

The factory has a total investment capital of VND35 billion (US$1.8 million), covering an area of 12,000sq.m. The modern factory has a design capacity of 4,300 tonnes of tea per year.

General Director of Haiyih, Ha Thuy Linh, said the factory includes a cold storage, drying and processing areas, quality test room, modern processing line. The plant is expected to hit revenue of $7 million per year.

Air Mekong test flies City to Phu Quoc route

HA NOI — The Mekong Airlines Joint Stock Company (Air Mekong) ran a test flight to carry 60 passengers from HCM City to Phu Quoc Island on Tuesday.

Following the trial, the carrier will officially launch flights from Ha Noi-HCM City-Phu Quoc three times a day from October 8. It is expected to open two additional direct flights between Ha Noi-Phu Quoc and HCM City-Phu Quoc in November.

VDB invests $62m in Phuoc Dong

HCM CITY — Sai Gon Investment Holding Corporation (SVI), (a member of Viet Nam Rubber Group – VRG) and Viet Nam Development Bank (VDB) signed a contract on Wednesday to provide VND1.2 trillion (US$62 million) for the Phuoc Dong service-urban-industry complex zone in the southern province of Tay Ninh.

The VDB will provide VND1 trillion ($51.28 million) for industrial zone infrastructure construction, covering an area of 3,200 ha with total capital of $1 billion.

23-storey Capital Tower opens in Ha Noi

HA NOI — The 23-storey Capital Tower opened its doors on Wednesday on Ha Noi'ls Tran Hung Dao Street, announced project investor Thu Do Tourism, Trading and Investment Joint Stock Company.

The VND500 billion (US$26.3 million) building covers 30,000sq.m. It is expected to help meet the growing demand for international standard office space .

Savills to act as Hapro's exclusive leasing agent

HA NOI — Savills Viet Nam Ltd Company was officially appointed as exclusive leasing agent for the Hapro Centre retail mall and offices which are owned by Ha Noi Trade Corporation (Hapro).

The Hapro Centre complex, located on Cat Linh Street, Ha Noi, is currently under development with an estimated investment capital of VND293 billion (US$15 million).

It comprises five retail floors and nine floors of grade B office space. Each floor includes more than 1,000sqm of space.

Upon completion, which is expected in late 2011, the centre will provide a total gross area of 17,730sqm and nearly 5,000sqm of parking space.

New Ana Mandara beach resort opens in Hue

Hue — The Ana Mandara Hue Resort officially opened yesterday on Thuan An Beach, a 20 minute drive from the centre of Hue.

This is the first project managed by Hotel Collection Indochine, a new Vietnamese hotel management company.

The company plans to inaugurate its second resort, Ana Mandara Ninh Binh, south of Ha Noi, in January.

Novaland begins Central Plaza construction

HCM CITY — Property developer Novaland recently began construction of its Central Plaza, which will be comprised of four 31-and 35-storey towers in District 7.

The US$500 million project is the second phase of the larger Sunrise City project.

Upon its completion, Sunrise City will include 12 towers with 1,800 apartments, and a 70,000 sq.m shopping centre. The company has already completed 70 per cent of the first six towers, comprising 752 apartments and 21,000 sq.m of retail space. The second phase is scheduled for completion in 2012.

Canal Park development project building progresses

HA NOi — The new Canal Park development project will include two 11-storey towers with apartments ranging in size from 86 sq.m to 272 sq.m. Construction is estimated to be completed at the end of 2011, according to investor Berjaya-Handico 12.

Phase one of the project, the underground portions of the complex, have already been completed. — VNS

Thursday, December 23, 2010

Ninh Thuan seeks new investor for US$9.8-billion steel project

HCMC – The central province of Ninh Thuan has said it is seeking a new investor to replace Lion-Vinashin joint venture to continue a US$9.8-billion steel mill project in Ninh Phuoc District, according to a document issued by the provincial government.

The document says the joint venture between Maju Stabil Shd of Malaysia’s Lion Group and Vietnam Shipbuilding Industry Group, or Vinashin, got an investment certificate in November 2008, but has not made a move on the Ca Na still project due to problems with financial capability and experience.

“By this time, the province has good reason to take back the investment certificate from Lion-Vinashin joint venture at any time, and we are finding another investor, particularly from foreign countries with enough experience and financial capacity, to continue the project,” said Nguyen Kim Hung, director of Ninh Thuan’s Department of Industry and Trade.

Hung told the Daily on the phone on Tuesday that if a new investor agreed to replace Lion-Vinashin venture, the provincial government would ask the Prime Minister and the Ministry of Industry and Trade for approval to transfer the investment certificate to the new investor.

Hung said the province wanted Posco Group from South Korea to be the new developer of the project, but Posco had not responded. “Some other large investors have also come to express their interest but no deal has been finalized,” he added.

The province has also asked the Ministry of Industry and Trade to introduce other competent, experienced and prestigious investors to get involved in the project.

Earlier, the Government agreed to include Ca Na steel project into the nation’s master plan for steel development. Given that, Ninh Thuan set aside 1,650 hectares of land in Ninh Phuoc District for the project.

The director of the industry department of Ninh Thuan also said the province was still working on site clearance for some 1,000 hectares of land to make room for the new investor.

Ca Na steel project has total production capacity of 4.5 million tons of steel a year, and comprises other important components such as a 700MW thermo-power plant, a 15 million tons/year seaport, a lime oven, an oxygen production factory and some other works.

Wednesday, December 22, 2010

PPI gets land for residential development

An artist’s impression of Water Garden Apartment in HCMC’s Thu Duc District

HCMC - Local property developer Pacific Property and Infrastructure Development JSC (PPI) has won approval from the HCMC government to develop a housing project at a location formerly allocated to another developer.

Phan Anh Dung, deputy general director of the company, told the Daily on the phone on Tuesday that work had started on a detailed design and necessary procedures for a construction license so that the project in the outlying district of Thu Duc could get off the ground pretty soon. The former developer delayed its project for over 10 years.

The city authorities handed over two hectares of land in Hiep Binh Chanh Ward to Phu Nhuan Housing Trade and Construction Company in 1998, but the company had not finished compensation and site clearance.

Dung said PPI planned to invest some VND1.3 trillion to develop the Water Garden Apartment project comprising four blocks of flats, retail podium and other service facilities.

The city, however, has given PPI a deadline for finishing construction and warned that the city will revoke the land if the company also fails to complete necessary procedures to get the project moving within 12 months from the date of receipt of the land.

Work on the project will begin in the middle of next year and be completed within four years.

Monday, December 13, 2010

Light metro line project gets off ground in Hanoi

Key bridge, boulevard in Hanoi open to traffic

HCMC – Work started Saturday on a pilot light metro line project stretching 12.5 kilometers to link Hanoi Station and Nhon Station in the capital city, which at nearly US$1 billion is the most costly public transport project there.

This urban railway project will form part of the Route No. 3 under the master plan for Hanoi City’s transport and communication development between now and 2020, the Government’s website www.chinhphu.vn reports. The light metro line will go through five inner districts of Hanoi, namely Tu Liem, Cau Giay, Ba Dinh, Dong Da and Hoan Kiem, the project owner said at the ground-breaking ceremony graced by Prime Minister Nguyen Tan Dung.

This metro line will be comprised of 8.5 kilometers of elevated railway and four kilometers of underground section. Along the route will be 12 stations, including four underground ones, according to the Hanoi Urban Railway Management Unit.

The total invested capital for the project is nearly 790 million euros, or some US$1 billion

In related infrastructure news, Vinh Tuy Bridge spanning the Red River in Hanoi City was partially opened to traffic on Sunday, helping ease congestion on Chuong Duong Bridge and Long Bien Bridge.

The new bridge, which links Long Bien and Hai Ba Trung districts, is comprised of the main spans of 3.7 kilometers and two approach roads with a combined length of 1.68 kilometers. The total cost is VND3.6 trillion, or around US$190 million.

Hanoi City will also open to traffic Thang Long Boulevard this Wednesday, which at 28 kilometers will be the longest boulevard in the country. Its width is 140 meters.

Sunday, December 12, 2010

Novaland starts second phase of high-rise condo

Novaland starts the second phase of Sunrise City project in HCMC’s District 7 - Photo: Mai Huong

HCMC - Nova Real Estate Investment Corporation (Novaland), owner of the Sunrise City project, has commenced work on the second phase of a property project worth half a billion U.S. dollars in southern HCMC.

The company in this phase will develop four towers from 31 to 35 stories each with some 632 high-end apartments, and a large luxury department store, all in the complex named Central Plaza.

Besides, the company also is developing the V-block of Sunrise City, a residential complex in HCMC’s District 7. V-plot consists of six towers ranging from 31 to 34 floors with 752 high-end apartments, a commercial center of four floors and a public utility area of more than 21,000 square meters.

The first phase of the project is expected to be completed in early 2012, with six apartment towers.

Sunrise City is a huge project with a total land area of 5.12 hectares. The project consists of three main blocks, namely V, W, and X, with 14 apartment towers from 31-35 floors.

Upon completion, the project will offer over 1,800 high-end apartments, penthouses and over 70,000 square meters of business and shopping centers. Total investment of the project is more than US$500 million.

The project is located on Nguyen Huu Tho Street close to Phu My Hung town in District 7. To ensure construction quality, Novaland has selected Kumho E&C, one of the three most prestigious contractors in Korea, to build the complex.

Work starts on tourism property project in Vung Tau

Ho Van Nien (2rd, R), vice chairman of the People’s Committee of Ba Ria-Vung Tau Province, celebrates the ground breaking ceremony of the Oceanami Resort & Luxury Home over the weekend - Photo: Dinh Dung

HCMC - Hoa Anh Dao Tourist JSC held a ground breaking ceremony for a tourism complex project in the southern coast province of Ba Ria-Vung Tau over the weekend, adding to the province’s growing list of resorts under construction.

The developer said it invested some VND1,150 billion to develop the Oceanami Resort & Luxury Home project in Phuoc Hai Town in Dat Do District, near historic Minh Dam mountain, where the Vietnamese military base used to be.

The project, covering 21 hectares on nearly one kilometer of beach, is designed with a five-star hotel with 200 guest rooms, 28 bungalows, two blocks of five-story buildings with 100 apartments and some 180 luxury villas. The plans include a convention center, restaurant, spa, swimming pool and marina.

Speaking at the event, Ho Van Nien, vice chairman of the province, elaborated on Ba Ria-Vung Tau’s plan, saying the province has done everything possible to exploit its 100km coastline.

Nien said the investment environment has improved with a lot on offer to attract international investors to the province. There about 100 tourism property projects underway in the province, including the Oceanami Resort & Luxury Home.

The project is scheduled for completion by 2012, with villas priced between US$364,000 to US$1.3 million per unit.

Friday, December 3, 2010

E-bidding makes public procurement transparent

Photo: Reuters

E-bidding has made public procurement a transparent and open process. It has also reduced wastefulness in public spending, saved time and bidding fees, and enabled bidders and contractors to be more proactive.

These were initial assessments by the Ministry of Planning and Investment, municipal departments, sectors and businesses which have taken part in a pilot e-bidding project, which was launched in mid-September.

E-bidding has been implemented on a trial basis at the Hanoi People’s Committee, the Vietnam Post and Telecommunication Group, and the Electricity of Vietnam via the portal http:// musamcong.mpi.gov.vn

At a conference to deploy regulations on e-bidding held in Hanoi on Sept. 22, Deputy Minister of Planning and Investment Dang Huy Dong stressed the importance of e-bidding in the e-government project.

“E-bidding is a major push to stimulate IT application in every field,” Dong said.

E-commerce and e-bidding in public procurement is an inevitable trend and indispensible way that many nations over the world are applying to build e-government.

In many ODA-funded projects in Vietnam, the donors have required beneficiaries to undertake e-procurement to ensure the transparency and effectiveness of the projects using their ODA.

Aware of the importance of this model, the Prime Minister, in September 2005, approved a master plan for the development of e-commerce in the 2006-2010 period.

He also assigned the Ministry of Planning and Investment to carry out a project to apply e-commerce in the government’s procurement.

In the framework of the project, a pilot e-procurement system for the government has been built on the basis of the integrated Korea Online E-procurement System (Koneps).

The system, which was optimized to fit Vietnam’s conditions, cost nearly 3.4 million USD, of which 3 million USD was contributed in the form of non-refundable aid by the Korean International Cooperation Agency (KOICA).

Sunday, November 28, 2010

E-bidding makes public procurement transparent

E-bidding has made public procurement a transparent and open process. It
has also reduced wastefulness in public spending, saved time and
bidding fees, and enabled bidders and contractors to be more proactive.

These
were initial assessments by the Ministry of Planning and Investment,
municipal departments, sectors and businesses which have taken part in a
pilot e-bidding project, which was launched in mid-September.

E-bidding
has been implemented on a trial basis at the Hanoi People’s Committee,
the Vietnam Post and Telecommunication Group, and the Electricity of
Vietnam via the portal http:// musamcong.mpi.gov.vn

At a
conference to deploy regulations on e-bidding held in Hanoi on Sept. 22,
Deputy Minister of Planning and Investment Dang Huy Dong stressed the
importance of e-bidding in the e-government project.

“E-bidding is a major push to stimulate IT application in every field,” Dong said.

E-commerce
and e-bidding in public procurement is an inevitable trend and
indispensible way that many nations over the world are applying to build
e-government.

In many ODA-funded projects in Vietnam, the
donors have required beneficiaries to undertake e-procurement to ensure
the transparency and effectiveness of the projects using their ODA.

Aware
of the importance of this model, the Prime Minister, in September 2005,
approved a master plan for the development of e-commerce in the
2006-2010 period.

He also assigned the Ministry of Planning and
Investment to carry out a project to apply e-commerce in the
government’s procurement.

In the framework of the project, a
pilot e-procurement system for the government has been built on the
basis of the integrated Korea Online E-procurement System (Koneps).

The
system, which was optimized to fit Vietnam’s conditions, cost nearly
3.4 million USD, of which 3 million USD was contributed in the form of
non-refundable aid by the Korean International Cooperation Agency
(KOICA)./.

Thursday, November 25, 2010

New housing project, model condo launched

Developers and guests make a symbolic gesture at the groundbreaking ceremony of Hoang Phat new urban area in Bac Lieu - Photo: Le Toan

HCMC - Bac Lieu has seen the first new urban area development project getting off the ground while in HCMC a local property developer has launched a model apartment of a big housing project for public viewing.

Hoang Phat Construction and Investment JSC is teaming up with Lilama Land to develop Hoang Phat new urban town covering some 66 hectares along Bac Lieu City’s entrance and main streets.

Hoang Thanh Long, general director of Hoang Phat Co, said some VND500 billion would be spent on the project to build about 2,000 housing units for around 10,000 people. The project will consist of amenities such as school, hospital, student dorm and commercial section.

Meanwhile, Duc Khai Corporation launched a model apartment gallery for a condo project in HCMC’s District 7 over the weekend to house families that have been relocated to make room for other projects.

The corporation is investing VND4.3 trillion in the project on 10 hectares to construct around 1,000 apartments for relocated families in the city.

When the land-for-home project is complete, Duc Khai will decide the number of apartments to be exchanged for land, and publicly sell the remainder to recoup its investment capital.

Monday, February 21, 2011

An artist's impression of Vietinbank Tower project in the capital city’s Ciputra urban area in Tay Ho District

Photo: Photo courtesy of Vietinbank

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