"Golden" project stall in place
The project of a complex of commercial centers, entertainment, 5-star hotels and offices for rent to carry out urban renovation on the land of the old Iron Market was previously broken ground on May 14, 2022. The project has a scale of 40 floors above ground and 2 basements on a land area of 15,187.2 m2, the height of the project is 146 m. The total investment of the project is more than 6,000 billion VND, of which the investor is Saigon Garment - Match Joint Stock Company, contributing more than 1,200 billion VND, the rest is mobilized from other sources.
With unique and modern architecture, the complex is expected to be on par with large-scale commercial centers in the area with full functions; meeting the needs of entertainment, commercial shopping, offices for rent and accommodation for tourists, experts and businessmen when coming to invest in cooperation with Hai Phong city.
Investing in the construction of a complex of shopping and entertainment centers, 5-star hotels and offices for rent helps to renovate the urban architectural face, synchronize technical infrastructure with Hai Phong urban area, creating an urban landscape in line with the development planning orientation of Hai Phong city until 2030 and vision to 2050.
According to the original plan, the project was completed and put into operation at the end of 2024. However, by mid-2024, the project had only completed about 20% of the work. In particular, the geological survey drilling has just been completed to serve the design, construction of test piles, and construction of surrounding walls to ensure geological stability in the surrounding area. Up to now, the project is still a corrugated iron construction, the land is in disarray, with no signs of construction.
extended by 2 years due to not putting the land into use
Accordingly, the City People's Committee allowed Saigon Garment - Match Joint Stock Company to extend the land use period due to not putting the land into use according to the provisions of Clause 8, Article 81 of the 2024 Land Law; Clause 2, Article 4 of Decree No. 226/2025/ND-CP dated August 15, 2025 and Clause 2, Article 31 of Decree 102/2024/ND-CP dated July 30, 2024 of the Government for 15,187.2 m2 of land in Hong Bang Ward for commercial and service purposes. The 24-month extension period is from November 21, 2025.
The City People's Committee assigned the Department of Agriculture and Environment to preside over and work with relevant departments, branches, units and localities to inspect and supervise the land use of Saigon Garment - Match Joint Stock Company. In case the extension period expires but the land is still not put into use, the city will reclaim it according to regulations.
The city tax inspects and determines the amount of additional payable during the land use extension period with Saigon Garment - Match Joint Stock Company; guides and urges the submitting unit. Hong Bang Ward regularly inspects and supervises the use of land by Saigon Garment - Match Joint Stock Company, detects violations and promptly handles them according to regulations.
