Thaiholdings and Vingroup Unit Propose $3.5B Twin Towers in Hanoi

Overview

Thaiholdings (THD) and a subsidiary of Vingroup (VIC) have formally proposed the Hanoi Twin Towers 99, a 99-story twin tower complex in Hanoi with an estimated investment of $3-3.5 billion. The project aims to become the world’s tallest twin towers, surpassing Malaysia’s Petronas Towers. This strategic partnership could significantly impact THD’s profile and the Vietnamese real estate sector.

Key Facts

• The project is proposed by a consortium including Kim Lien Tourism JSC, Thaiholdings JSC, and Thai Son Construction Investment JSC (a Vingroup member).
• The investment capital is estimated at $3.0-3.5 billion, with 100% from the consortium’s own funds and foreign financial institutions.
• The towers will be 568 meters tall with 99 above-ground floors and 6 basement levels, located on a 34,936 m² site at 5-7 Dao Duy Anh, Hanoi.
• Construction is scheduled to start on September 2, 2026, with completion expected in Q3-Q4 2030.
• The project targets five world records, including the world’s tallest twin towers and the highest helipads.
• Total floor area (excluding basements) is approximately 880,000 m², with a construction density of about 35%.
• The complex will include an international conference center, casino, shopping mall, Grade A offices, a 6-star hotel, and luxury residences.

What Happened

On July 8, 2026, the consortium formally submitted a proposal to the Hanoi People’s Committee to approve the planning and permit the project investment for Hanoi Twin Towers 99. The proposal outlines a mixed-use development that aims to set multiple world records, including being the tallest twin towers globally at 568 meters. The consortium has partnered with world-leading design and construction firms, including the Southwest China Architectural Design Institute and CSCEC3, which have worked on 90% of buildings over 80 stories worldwide.

The project is positioned as a transit-oriented development (TOD) model, leveraging the intersection of urban rail, national rail, and major transport routes. The consortium emphasizes that the project will be fully funded by its own capital and foreign financial institutions, with no state budget involvement. The proposal is now pending review by the Hanoi authorities.

Market Context

THD, listed on the HNX, closed at VND 119,700 on July 31, 2026. The stock has been relatively stable, but this announcement could inject new momentum. VIC, listed on HOSE, closed at VND 214,100 on the same day. The Vietnamese real estate sector has been recovering, with increasing foreign interest and large-scale projects. This proposal aligns with the government’s push for landmark infrastructure and urban development, potentially boosting investor sentiment for both tickers.

Strategic Significance

For THD, this project represents a transformative leap from its current portfolio, positioning it as a major player in high-end real estate development. The partnership with Vingroup, Vietnam’s largest conglomerate, provides credibility and execution capability. The project’s scale and world-record ambitions could enhance THD’s brand and long-term revenue potential, though execution risks remain high given the project’s complexity and timeline. For VIC, this reinforces its strategy of diversifying into iconic urban projects, leveraging its construction and development expertise.

What to Watch

• Approval decision from the Hanoi People’s Committee on the project’s planning and investment.
• Detailed feasibility study and environmental impact assessment, expected in the coming months.
• Financing arrangements with foreign financial institutions, as the consortium claims 100% foreign funding.
• Progress on land clearance and site preparation at 5-7 Dao Duy Anh.
• Any updates on THD’s and VIC’s quarterly earnings and project-related disclosures.