Tao Dan underground parking lot in Idico's designing model.—Photo thesaigontimes.vn

HA NOI (Biz Hub) — The HCM City authorities have allowed Vingroup to conduct a study of the underground parking lot project in Tao Dan Park in the city's District 1 on January 20.

Vingroup plans to build the project on a build, operate and own (BOO) basis with its own investment in six months.

However, if Vingroup is not selected as the investor, fails to finish the study or submit a feasibility study, the group must pay all fees of the study themselves, while the city will consider Vingroup to be out of the project.

In November 2014, the State-owned construction company, Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO), withdrew from the project due over financial issues.

Under the study done by IDICO, the construction of the lot will cost VND1.43 trillion (US$67.1 million). The five-storey, 70,211sq.m parking area will contain 1,050 cars, 10 buses and 2,500 motorbikes.

Besides the Tao Dan Underground Parking Lot project, HCM City has planned three more underground parking lots in Le Van Tam Park, Hoa Lu Stadium and Trong Dong Stage.

The city's transport department said that while the number of local vehicles has increased by 12 per cent, with more than 4 million motorbikes and 400,000 cars, there is a shortage of parking lots. — VNS