Hanoi, the Vietnamese capital is to become home to the second largest tower in Asia, material proof of the growing economic prowess of Asia’s brightest emerging markets.
The design of Nikkei Sekkei, a Japanese architectural firm was chosen for the 102 storey, 528 meter tower to be built in the Me Tri commune in Hanoi’s outlying district of Tu Liem. The est. 1.2 billion dollar tower, financed by the Petro Vietnam Construction Joint Stock Corporation (PVC), the Vietnam National Oil and Gas Group, the Ocean Group and the real estate developer SSG Group, will comprise trade centres, offices for lease and apartments.
The tower is phase 2 of a massive complex being built by the corporation, with phase 1 comprising 3 150m hotel and apartment towers. Construction of phase 2 is due to start in 2011 and take 30 to 36 months to complete. When complete, the tower will be second only to the Burj Dubai Tower in the United Arab Emirates.
This is a big deal for Vietnam. As China and India become global economic superpowers, one would expect them to be coming out with towers like this, for Vietnam the structure will be a symbol of how far the nation has come, and something that all Vietnamese citizens can be proud of.
During the recent global construction and property market boom, Vietnam became known as one of the hottest emerging markets in the world. As the recession crossed from America to the UK and rumours of a global crisis began to emerged, Vietnam was talked about as one of the few markets with a chance of escaping recession.
Unfortunately it suffered a recession, but is thought to be rebounding strongly. The International Monetary Fund is forecasting growth of 6% this year, and 6.5% next year.
There is also undeniably a great deal of wealth in Vietnamese corporations like PVC, and developments like this will not only bolster economic growth, by providing jobs from the lowest level to the highest, but also by growing merchant companies who supply materials for its construction. We will be watching this development very closely and keeping our readers apprised of its progress.