Investor group proposes USD 1.15 billion to build a 99-story Finance Tower in Ho Chi Minh City, tallest in Vietnam and among Asia’s top

A consortium of investors including Ho Chi Minh City Investment Fund for Infrastructure (HIFC), REE Group, and VinaCapital Group has submitted a proposal to the People’s Committee of Ho Chi Minh City and the Vietnam International Financial Center (VIFC-HCMC) authorities to invest in the IFC-99F HCMC Icon Tower, a 99-story project with five basements, as part of the National Assembly’s resolution on implementing an international financial center.

Project scope and financing plan

The total investment for the 99-story financial tower is expected to be about USD 1.15 billion. Equity financing is planned at 20%, equivalent to USD 230 million, with the remaining funding to be sourced through debt and other financing. The three investors will form a joint venture to develop and operate the project throughout its lifecycle, taking responsibility for the project’s financial performance.

The project is planned on a site of about 10,000 square meters in Thủ Thiệp, within the core area of the international financial center. The tower is envisioned as a multi-functional complex comprising offices, residences, a hotel, and long-term lease spaces, with a land-use period of 70 years.

Height estimates and comparison with existing landmarks

Specific height details were not disclosed at the proposal stage. Estimates suggest an average floor height of 4.5–5 meters, implying a total height of roughly 450–500 meters for a 99-story tower.

Vietnam’s tallest building is currently Landmark 81 at 461.3 meters with 81 floors, completed in 2018 by Vingroup. Previously, Empire City in Thủ Thiêm featured the Empire 88 Tower with 88 floors. If built, the 99-story finance tower would exceed both Empire 88 Tower and Landmark 81 in height, positioning it as a prominent regional landmark.

Expected positioning among Asia’s tallest buildings

The tower is expected to rank among Asia’s tallest structures, competing with major icons including Shanghai Tower (632 m), Ping An Finance Centre (599 m), International Commerce Centre (484 m), Petronas Towers (452 m), and Taipei 101 (508 m).

Proposed implementation mechanisms

To support project implementation, the consortium proposed applying mechanisms under National Assembly Resolution 222/2025/QH15, including allowing mixed-use of apartments and hotels, deferring land-use payments over three years, and applying a reference land price of about VND 350 million per square meter.

The investors said they will mobilize maximum financial resources and governance expertise to ensure progress and quality, with the aim of making the project a flagship symbol of the international financial center in Ho Chi Minh City.

Context: Vietnam International Financial Center and market standing

The National Assembly approved the Vietnam International Financial Center on 27 June 2025, under a “one center, two destinations” model covering Ho Chi Minh City and Da Nang. In Ho Chi Minh City, the center has been officially active since 11 February, with key pillars including aviation finance, maritime finance, a commodities exchange, and a high-tech clearing and settlement center.

According to the Global Financial Centres Index (GFCI) 2026, Ho Chi Minh City ranks 84th globally, up 11 places from the previous year, representing one of the strongest improvements among mid-tier financial centers. In the ASEAN region, Ho Chi Minh City ranks third, ahead of Jakarta and Bangkok, behind Singapore and Kuala Lumpur.