This information was confirmed by the Ho Chi Minh City Department of Construction in a document sent to the Ho Chi Minh City Press Center to provide information to the press at the regular press conference for the week of November 43/2025.
According to the Department of Construction, the IFC One Saigon project is located at 34 Ton Duc Thang (Saigon Ward), granted a construction permit on August 12, 2008 to Saigon M&C Real Estate Joint Stock Company as the investor. However, the project has been suspended since 2012.
Regarding the project, the Ho Chi Minh City People's Committee issued Document No. 8470/VP-DT dated October 15, 2025 and Transfer Form No. 2998/PC-VP dated October 10, 2025, transferring Ms. Truong My Lan's application on allowing continued investment and completion of the IFC One Saigon building to the Department of Construction, the Department of Finance and the People's Committee of Saigon Ward for consideration and settlement according to its authority.
IFC One Saigon Building is located in a prime location, right at the intersection of Ton Duc Thang - Ham Nghi - Vo Van Kiet, close to the Saigon River bank.
However, due to the long construction process and many years of abandonment, the project was once named by the leaders of Ho Chi Minh City as "a building that makes the city ugly".
The project was originally named Saigon M&C Tower, started in 2008 with a total investment of about 256 million USD (equivalent to 5,000 billion VND), on a land area of 6,672 m2.
According to the plan, the project is 42 stories high, 5 basements, about 185 m high, expected to be completed in 2009 and become the third tallest building in Ho Chi Minh City at that time. The project is designed as a complex of high-rise commercial skyscrapers - offices - apartments - commercial centers.
However, after completing about 80% of the rough construction, the project stopped construction in 2012 and fell into a state of prolonged abandonment. The building was later seized to handle debts.
By 2021, the hope of "reviving" the project appeared when Viva Land Investment and Development Joint Stock Company (Viva Land) - an enterprise in the Van Thinh Phat Group ecosystem was introduced as a new development unit. The project was commercially renamed IFC One Saigon.
In August 2022, the project showed signs of resuming construction, mainly replacing the outer glass layer to ensure safety and urban aesthetics. However, the interior has not yet been implemented because the project is waiting for the conclusion of the Government Inspectorate.
After that, when Ms. Truong My Lan was involved in a legal battle, Viva Land almost "disappeared", causing the IFC One Saigon project to once again fall into a state of "frozen".
