PetroVietnam Construction JSC, a subsidiary of state-owned Vietnam Oil and Gas Group, announced on Sunday that it has adjusted the height of its tower project in Hanoi to cut construction costs.
The 102-story PVN Tower, which was slated to become the tallest skyscraper in Vietnam, now has 79 stories only, the Vietnam Economic Times reported.
The adjustment will allow PetroVietnam Construction to cut its investment to US$600 million from the original estimate of $1 billion.
The company said it will not use state funds to finance the project.
PetroVietnam Construction plans to partner with foreign contractors including South Korea's Hansin and Samsung to develop the project.
The tower will be built on a 25 hectare area in Hanoi's Tu Liem District. The final design will be announced on March 30.
At 79 stories, PVN Tower will no longer claim title to the tallest building in the country. The record will be passed on to a 100-story five star hotel project that Kinh Bac City Development Corporation has slated for construction in the capital.