VNRE - The 40-storey BIDV Tower will rise elegantly into the skyline of Ho Chi Minh City, the latest symbol of the Vietnam’s economic prowess, according to the architect’s plans.
But the reality is rather less lofty. In a property market hit hard by economic instability, building on the project, backed by the state-owned Bank for Investment and Development of Vietnam, has stalled. The prime plot in Vietnam’s commercial capital, formerly known as Saigon, is one of several fallow building sites that have been turned into temporary car parks, where office workers pay 5,000 dong ($0.24 U.S.) a day to keep their scooters.
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