The People’s Committee of Hai Phong City has recently extended the land use period by 24 months for Saigon Garment and Salt Corporation (SGS) to develop the Integrated Commercial, Entertainment, 5-Star Hotel, and Office Complex project. This extension aims to revitalize the urban landscape in the Cho Sat area of Hong Bang District.
SGS was granted the extension due to delays in utilizing the land as per regulations. The land price for the extension period will be calculated based on the old land price table of Hong Bang District.
Hai Phong City has tasked the Department of Natural Resources and Environment (DONRE) with overseeing SGS’s land usage, in collaboration with relevant agencies. If the land remains unused by the end of the extended period, DONRE will initiate proceedings to reclaim it.
Additionally, the city’s Tax Department is responsible for assessing and collecting any supplementary payments related to the land use extension, ensuring compliance with financial regulations.
Cho Sat Market, a historic symbol of Hai Phong’s commerce, before and after land clearance for the Integrated Commercial, Entertainment, 5-Star Hotel, and Office Complex project.
In May 2023, the groundbreaking ceremony for the project was held, marking the beginning of the transformation of Cho Sat Market into a modern commercial hub. This iconic market once stood as a testament to the city’s vibrant trading history.
With an investment of over VND 6 trillion, SGS is the primary investor, contributing VND 1.213 trillion in capital and securing an additional VND 4.8 trillion for project execution.
The project encompasses two 40-story towers (146 meters tall) and two basement levels, spanning 1.5 hectares in the former Phan Boi Chau Ward (now Hong Bang Ward, Hai Phong City).
Inspired by the theme “Confluence of Rivers,” the twin towers’ design promises to become a new landmark for Hai Phong, symbolizing the city’s dynamic spirit.
Scheduled for completion in 2025, the complex will address the city’s demand for high-end entertainment, shopping, and international conference facilities, thereby boosting urban development and socio-economic growth.
However, since its inception over two years ago, the project has seen minimal progress. Completed tasks include geological surveys, test pile construction, and the development of a diaphragm wall plan to ensure geological stability in the surrounding area.
Project rendering.
Cho Sat Market’s strategic location at the confluence of rivers made it a bustling hub for waterway trade, rivaling iconic markets like Dong Xuan in Hanoi and Ben Thanh in Ho Chi Minh City.
After years of operation, the market’s infrastructure deteriorated, prompting Hai Phong City to seek investors for a modern commercial center, ensuring the area’s continued prosperity.
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