PM directs VICEM to focus on core business fields and pass on project to the Hai Phong City People's Committee.
Prime Minister Nguyen Tan Dung has directed the Vietnam Cement Industry Corporation (VICEM) return the Hai Phong Cement Urban Area project to the Hai Phong City People's Committee this month, who will seek another investor, at a government meeting on the project.
VICEM is only allowed to focus its resources on activities in its specific field rather than investing in other fields. In order to be in line with the new policy and contribute to improving Hai Phong city's appearance with beautiful and modern scenery, it is necessary to change the investor to one with the capacity to continue the project.
The new investor will be responsible for paying VICEM and arranging an appropriate area of the project for a VICEM building and a museum on the cement industry.
The Hai Phong Cement Urban Area project is on an area of 79 ha with total investment of VND29 trillion ($1.3 billion), providing 3,210 apartments.
The project began in December 2009, with 35-storey twin towers, 20-storey buildings, a five-star hotel, a supermarket, office space, villas, and parks.