A rendering of the proposed twin tower complex, a soon-to-be iconic landmark in the Tay Ho Tay urban area.
Recently, Elcom Telecommunications Technology JSC announced an open competition for architectural design concepts for the Twin Tower Complex, which will house the headquarters of Son Hai Group and the ELCOM Innovation Hub. The complex will be located in the Tay Ho Tay urban area, Xuan Dinh ward, Hanoi.
The project encompasses the construction of twin towers, each standing at 17 stories above ground and 2 basement levels, with a maximum construction area of approximately 3,000 sq. m. The building density is expected to reach 40%, and it will be a Grade I civil construction.
Tay Ho Tay urban area: A prime location for the upcoming twin tower complex (Photo: Thao Quyen)
The Twin Tower Complex is part of a larger mixed-use development project encompassing offices, services, a commercial center, and a cultural complex. This project is a joint venture between MBH Investment and Development JSC and Elcom Telecommunications Technology JSC (stock code: ELC).
According to Elcom’s reviewed semi-annual financial statements, as of June 30, 2025, the equity ratio and interest ratio of ELCOM and MBH were 30% and 70%, respectively.
Elcom and MBH acquired the project through Decision 5949/QD-UBND dated November 15, 2024. Elcom disclosed that the maximum cost of the project transfer is VND 215 billion. Elcom and MBH will each be responsible for paying 50% of the total transfer amount.
Elcom Telecommunications Technology JSC
, formerly known as Electronic and Telecommunications Technology Development and Investment JSC, was established on July 18, 2003.
Elcom’s headquarters are located in the Elcom Building on Duong Tan Street, Dich Vong Hau Ward, Cau Giay District, Hanoi.
Elcom specializes in computer software development, technology transfer, installation of high-tech systems and production lines, consulting for information systems, automation, and electronic telecommunications. They also offer entertainment services in broadcasting, television, and journalism, as well as office and property rentals.
In the first half of 2025, Elcom recorded a net revenue of over VND 330 billion, a 32% decrease compared to the same period last year. After deducting taxes and fees, the company reported a net profit of nearly VND 19.5 billion, an increase of 70%.
As of June 30, 2025, Elcom’s total assets stood at nearly VND 2,149 billion, an increase of 8% from the beginning of the year. Their total liabilities amounted to nearly VND 763 billion, with equity of over VND 1,386 billion and chartered capital of nearly VND 999.5 billion.
Turning our attention to Elcom’s joint venture partner,
MBH Investment and Development JSC
, was established on March 7, 2024, with its head office located in the Vimeco Building, Pham Hung Street, Trung Hoa, Cau Giay, Hanoi.
MBH’s primary business focuses on real estate trading and the use of owned, leased, or rented land.
With a charter capital of VND 100 billion, MBH has four founding shareholders: Ms. Nguyen Thi Kim Cuc, who holds the position of Chairman of the Board of Directors and Legal Representative of the company, contributing VND 20 billion, equivalent to 20% of the charter capital; Ms. Pham Mai Anh contributes VND 30 billion, equivalent to 30% of the capital; Ms. Luu Dieu Huyen contributes VND 25 billion, equivalent to 25% of the capital; and Mr. Nguyen Vu Mien contributes VND 25 billion, equivalent to 25% of the capital.
Ms. Nguyen Thi Kim Cuc also serves as the legal representative for several companies, including the Hanoi Representative Office of Truong Vinh Travel Trading and Tourism Co., Ltd., Spomedic Medical Research and Development Joint Stock Company, and Truong Vinh Travel Trading and Tourism Co., Ltd.
Shareholder Luu Dieu Huyen currently holds the position of General Director and Legal Representative of Dai Cat Technical Commercial Joint Stock Company.
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