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Tall building contract signed
Ocean Group will collaborate with PetroVietnam Construction Corporation to build the ever tallest building in Ha Noi, under a bilateral deal inked last Friday.
Under the deal, the two will support each other in both finance and experiences for the successful completion of the project as planned.
The 102-storey building, the PVN Tower, has a total investment of about US$1 billion. The tower, which is expected to be erected on Lang-Hoa Lac Road, will be used as a trading and finance centre once completed.
However, Nguyen Xuan Son, general director of Ocean Bank, an affiliate of Ocean Group, told vnmedia.vn that the group was still waiting for Government approval for the final location of the building.
If conditions were favourable, construction could begin this year, Son said.
On the same day, PetroVietnam Construction Corporation also inked a deal with Ocean Bank to access the bank's portfolio management, underwriting and other credit services.
Ocean Bank pledged to become strategic partners with PetroVietnam Construction's three subsidiaries, including Ha Noi Petroleum Construction Company, Sai Gon Petroleum Construction Company and Petroleum Machine Executing Company. The bank will make the capital arrangements for future projects undertaken by these three companies in its role as strategic partner.
vietnamnews
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