Bitexco Group's Delivery Record: Completed Towers, Transferred Projects and the Checks That Matter

Bitexco Group has finished some of the most recognisable buildings in Vietnam and has also walked away from one of the most valuable sites in Ho Chi Minh City. Both facts matter if you are being offered a home in one of its projects, because the question for a buyer is never whether a developer is famous. It is whether the entity on your contract finished what it started, and whether the land under your unit is clean.

Start with what is finished. The group's Financial Tower in District 1 opened on 31 October 2010, after construction that began in June 2007. It has 68 floors above ground and three basement levels and stands 262.5 metres to the roof. The design came from Carlos Zapata Studio, AREP was architect of record, and Hyundai Engineering and Construction built it. That is a completed, occupied, widely documented building, and it is the strongest single line in the record.

Bitexco's own account of itself goes back further. The group says it began in 1985 as Rang Dong Textile Company in Thai Binh province, and now works across mineral water production, real estate, energy, infrastructure, financial investment, hospitality and mining. On its own list of works it names the Financial Tower, JW Marriott Hanoi, The Manor projects in Hanoi, Ho Chi Minh City and Lao Cai, The Garden Shopping Center, the Icon 68 retail mall, the Nhi Ha solar plant in Ninh Thuan inaugurated on 10 September 2019, around 20 hydropower plants, the BT Chu Van An road in Hanoi and the BOT Thanh Hoa bypass.

The Hanoi project that took fifteen years

The Manor Central Park in Hanoi is the clearest test of the delivery question. The scheme covers roughly 90 hectares in Dai Kim ward of Hoang Mai district and Thanh Liet commune of Thanh Tri district, with investment put at about 1.9 billion dollars. Hanoi approved it in April 2011. Construction started in 2014. Phase 1, covering 65.8 hectares, was approved on 30 June 2015.

Then it stalled at the land level rather than the building level. In August 2023 Hanoi moved to take back nearly 5.3 hectares inside the project, 2.3 hectares earmarked for public works and 3 hectares for social housing, in a document dated 17 August 2023 signed by city Vice Chairman Nguyen Trong Dong, with a handover deadline of 15 September 2023. Vietnamese reporting at the time tied the dispute to the arithmetic of the build transfer arrangement behind the project, with the value of the Phase 1 land exceeding the value of the BT works by around 1,550 billion dong.

That was not the end of it. On 25 March 2025, at a session chaired by Hanoi chairman Tran Sy Thanh, the city agreed that the developer could carry on with Phase 2 on the remaining 6.6 hectares, after the company had made repeated written requests. So the project is live again, fourteen years after its first approval. For anyone buying off plan there, the useful reading of that sequence is not that the developer is good or bad. It is that approvals on this site have been reopened twice by the city, and that a sales brochure printed in any given year may describe a plan that the city has since altered.

Which Bitexco is on your contract

This is where the paperwork gets specific, and where buyers most often skip a step. The group holding company is registered as Cong ty TNHH Tap doan Bitexco, a limited liability company, and Vu Quang Hoi is its chairman. But the investor named in reporting on The Manor Central Park is a joint stock company, CTCP Bitexco, rendered in English coverage as Bitexco JSC. Those are different legal persons. Before signing anything, read the name, the legal form and the enterprise registration number on the contract itself, and check them against the entity the project approval was issued to. A brand is not a counterparty.

The land registry step is just as concrete. On 1 October 2019 Hanoi's Land Registration Office issued public notice 11210/TB-VPDKDD-TTLT recording that 14 plots inside The Manor Central Park, numbered across parcels 14 and 16, were mortgaged to Vietinbank's Hanoi branch. Asked about it in November 2019, the company said the mortgage secured project financing from the bank and that it would release the mortgage for customers before signing sale and purchase contracts. That is a normal way to fund construction in Vietnam, and it is also exactly the kind of charge that has to be discharged in the right order. A buyer's job is to see the release document for their own plot, not to accept the general assurance. Bektu (https://bektu.com) exists to make this sort of delivery and document history easier to check across developers rather than one brochure at a time, and the company's own record sits at https://bektu.com/companies/bitexco-group.