Ho Chi Minh City has approved the construction of a property mix which will include the country’s tallest tower at 86 stories.
The city government on Tuesday gave its permit for the US$1.2 billion investment to Empire City, a joint venture between several local firms and the Denver Power Ltd. from the UK.
Empire City, the project name, will occupy 14.5 hectares along Mai Chi Tho Street and the Saigon River in the new urban area Thu Thiem in District 2.
The 86-story tower will be the center of the complex, which includes a shopping mall, a five-star hotel, offices and apartments.
Vo Sy Nhan, CEO of the joint venture, said construction of the Empire City is due to start in the fourth quarter this year and finish in 2022.
Currently, Vietnam’s tallest building is Keangnam Landmark Tower of 72 stories in Hanoi, followed by Bitexco of 68 stories in Ho Chi Minh City's District 1.