$400 million VietinBank Tower abandoned for 15 years on prime Hanoi land

Launched in 2010, VietinBank Tower remains unfinished after 15 years. The once-ambitious $400 million project now stands abandoned, its structures rusting under Hanoi’s skies.

VietinBank Tower, located near the entrance to the Ciputra urban area in Hanoi, was started in 2010 but remains unfinished.

The project, with a total investment of $406 million, was designed to cover nearly 30,000 square meters and includes two towers.

The first tower was planned to be 68 stories tall, serving as the bank’s headquarters, while the second tower was designed with 48 stories.

According to the design, the two towers were to be connected by a seven-story base featuring conference rooms, a high-end shopping center, cafés, and restaurants. Currently, only the 48-story tower has taken shape, while the 68-story tower has only reached its base structure.

Initially scheduled for completion in 2014, the project remains unfinished. Years of exposure to harsh weather conditions have left many components rusted and deteriorating.

At an extraordinary shareholders' meeting on December 8, 2018, VietinBank’s Board of Directors proposed three restructuring options for the project.

The first option involved selling the entire project, with the bank leasing space in the 68-story tower for its headquarters and repurchasing the asset at a later stage.

The second option was to sell part of the project, including the 48-story tower and other related assets, while retaining the 68-story tower as its headquarters.

The third option was to continue construction while waiting for a buyer. At the time, the board favored the first option.

By April 2021, 29 investors had expressed interest in the project, with 21 signing confidentiality agreements to access project details.

Two investors had submitted preliminary financial proposals, and several financially strong candidates were actively evaluating the investment opportunity.

In June 2021, VietinBank issued a call for qualified investors to submit proposals for project acquisition. Despite these efforts, the project remains stagnant.

In 2023, VietinBank requested guidance from the Ministry of Construction regarding adjustments to the project's total investment.

A 2015 government audit report (No. 980/TB-TTCP) had already urged VietinBank to work with authorities to monitor and complete the project while conducting audits and efficiency assessments. However, after a decade, the project continues to deteriorate.

VietinBank Tower shares its fate with the Vicem Tower, another long-abandoned project at Lot 10E6 in the Cau Giay urban area of Hanoi, near Keangnam Landmark Tower.

Investigations into the Vicem project have uncovered severe mismanagement, leading to significant state asset losses. Authorities have prosecuted and taken preventive measures against four former Vicem executives.