A car is parking beside the 23-9 Park in HCM City. The city's Department of Transport recently recommended that the People's Committee should award the construction of an underground parking lot at Hoa Lu Stadium in District 1 to Vingroup after the original bidder, Indochina Group, pulled out of the project. — Photo Huu Khoa

HCM CITY (Biz Hub) — The HCM City Department of Transport has recommended that the People's Committee should award the construction of an underground parking lot at Hoa Lu Stadium in District 1 to Vingroup after the original bidder, Indochina Group, pulled out of the project.

Vingroup, a leading property developer in Viet Nam, will build a five-storey lot at a cost of VND3.4 trillion (US$151.8 million) in the build-own-operate mode if it does win the deal.

Construction will take place between 2016 and 2018, with the lot having parking space of 23,392sq.m to accommodate 2,548 cars and 1,873 motorbikes.

Vingroup did a feasibility study last February after the Indochina Group had pulled out a month earlier citing low returns on a huge investment.

Since 2005 the city has been planning to build more than 10 underground parking lots in District 1, including at Lam Son Square, Le Van Tam Park, and Tao Dan Park, but work has not begun on any of them due to procedural and financial difficulties.—VNS