Hanoi has approved a US$1.5 million plan to build two high-rise parking structures in order to ease the city's parking crisis.
The parking lots have been designed to accommodate four to seven-seat cars, and will be located on Tran Nhat Duat and Nguyen Cong Hoan Streets, news website VnExpress reported.
One of them on Tran Nhat Duat Street is expected to cost VND25 billion and will provide space for 105 cars within its 415 square meters. The Nguyen Cong Hoan lot will cover 1,806 square meters and hold 255 cars, costing VND6 billion to build.
The larger lot will be less expensive as it will not require ground clearance or the relocation of local people.
The Hanoi Parking Lot Development Company, the investor, said it will apply the Japanese technology of using steel frames for the projects.
Hanoi Transport Department is seeking investors for the construction of nine additional high-rise parking lots by 2015.
Statistics compiled by the department showed that the city's current parking capacity only meets 8-10 percent of the demand.
The majority of drivers must use the sidewalk, the roadway, deserted areas, and extra parking spaces at schools and other buildings.
Khuat Viet Hung of the University of Transport said last October that Hanoi had nearly 400,000 cars occupying 55 percent of the road space and 65 percent of the city's parking spaces during peak hours.
On February 15 the Hanoi government officially banned the operation of makeshift parking lots on sidewalks and roads, in an attempt to reduce traffic congestion.
But with no alternative spaces offered, the mandate only panicked the city's vehicle users.