Authorities in the northern Vietnamese province of Thai Binh are calling on investors to fund the construction of a symbolic tower in the locality estimated to cost nearly VND290 billion (US$12.7 million).
Capital investment from the private sector is being mobilized for the construction of the Thai Binh Tower project, estimated at VND288 billion ($12.65 million), Lai Van Hoan, head of the office of the provincial People’s Committee, told Tuoi Tre (Youth) newspaper on Thursday.
Local authorities are finalizing the design of the building and initiating legal procedures for the execution of the plan, Hoan continued.
“The construction will be a highlight of the province’s scenery and shall be used for tourism and commercial purposes upon completion,” the official elaborated.
Critics of the plan believe that Thai Binh should not spend such a large amount of money on the tower while the average income of local residents is still low compared to other provinces.
However, Hoan confirmed that the project will not be funded by the local budget and instead will be supported by individuals and organizations from the private sector.
“Many Thai Binh businesses and natives living far from home are willing to assist in the improvement of local social security,” he said.
The tower is set to be constructed inside an ecological park in Hoang Dieu Ward in the province's capital city of Thai Binh.
The architecture will be linked with Thai Binh Square and the statue of late President Ho Chi Minh.
Plans for the design call for the tower to reach121 meters tall, or 25 stories, and cover an area of 13,000 square meters.
Once the construction is complete, the first seven floors are expected to be reserved for commercial activities, while floors eight to 12 will be used for exhibition.
The 13th to 19th stories will be utilized for tourism and cultural services, and the technical department will be housed in floor 20.
The 21st and 22nd floors will provide space for a bell tower and observatory.
Construction of the structure is anticipated to begin in the third quarter of the year, according to VnExpress.