Tây Hồ Tây Twin Towers Project: MBH and ELCOM to Shape New Headquarters for Sơn Hải Group

Hanoi, September 12, 2025 – The Tây Hồ Tây urban area, one of Hanoi's most dynamic development zones, is set to welcome a prominent architectural landmark: a 17-story twin towers project. This is not merely a conventional office building but will serve as the new headquarters for Sơn Hải Group and the ELCOM Innovation Hub, marking a strategic collaboration between MBH Investment and Development Joint Stock Company and ELCOM Technology and Telecommunications Joint Stock Company (stock code: ELC). This project promises to become a new icon, contributing to the capital's urban and technological development.

Project Overview and Architectural Scale

The twin towers project is planned for the Tây Hồ Tây urban area, specifically in Xuân Đỉnh ward, Bắc Từ Liêm district, Hanoi. The complex will comprise two towers, each rising 17 stories above ground with 2 basement levels, covering a maximum construction area of approximately 3,000 m² and a building density of about 40%. Classified as a Level I civil construction, it demands high standards in design and execution.

The primary purpose of the project is to provide modern office spaces for Sơn Hải Group and the ELCOM Innovation Hub. Locating the headquarters here offers not only a strategic advantage but also fosters a creative working environment, promoting collaboration and innovation among businesses. The project is part of a larger integrated complex, which includes offices, services, a commercial center, and cultural activities, further enhancing the urban landscape of Tây Hồ Tây.

Ownership Structure and Stakeholder Roles

According to ELCOM's audited semi-annual financial report for the period ending June 30, 2025, the project's ownership structure is clearly defined: MBH holds approximately 70% of the shares, while ELCOM holds 30%. This division indicates that MBH plays a leading role in the investment and development of the project, while ELCOM, with its strengths in technology and telecommunications, will be one of the primary occupants and contribute to the technological value of the building.

ELCOM's recent announcement of an architectural design competition for the twin towers project suggests that the project is in a critical pre-construction planning phase. This also implies that the parties are seeking optimal design solutions, not only in terms of aesthetics but also functionality and sustainability, befitting the stature of a major corporate headquarters and innovation hub.

Strategic Importance and Market Impact

This twin towers project holds strategic significance for both the participating entities and the Tây Hồ Tây area:

• For Sơn Hải Group and ELCOM: Having a modern, large-scale headquarters in a prime location like Tây Hồ Tây will enhance brand image, facilitate business expansion, and attract talent. Specifically, the ELCOM Innovation Hub will be a breeding ground for new technological ideas, driving the development of Vietnam's information technology and telecommunications sectors.
• For Tây Hồ Tây Urban Area: The project will add high-quality office and commercial spaces, contributing to the area's infrastructure and service development. Tây Hồ Tây is being positioned as a new administrative, commercial, and cultural center of Hanoi, and projects like these twin towers will solidify that status.
• For Hanoi's Real Estate Market: In a context where demand for Grade A office space in Hanoi remains high, especially from technology companies and large corporations, this project will provide quality supply, helping to stabilize the market.

Opportunities and Challenges

Opportunities:

• Prime location: Tây Hồ Tây is an area with significant development potential, featuring synchronized planning and convenient transportation links.
• Market demand: Demand for high-quality office spaces and innovation hubs is on the rise.
• Synergy: The combination of MBH's real estate development experience and ELCOM's technological capabilities can create a unique and effective development.

Challenges:

• Market competition: The office real estate market in Hanoi remains highly competitive with other projects.
• Construction and material costs: Managing construction costs, especially with high-grade materials like what is aluminum and steel, will be a crucial factor. The applications of aluminum in modern architecture are diverse, from facades to interiors, requiring careful material selection.
• Progress and quality: Ensuring construction progress and quality according to Level I standards is a major challenge.

Conclusion

The 17-story twin towers project in Tây Hồ Tây, developed in collaboration by MBH and ELCOM, is not just a real estate investment but a statement of the strategic vision of Vietnamese enterprises. Aiming to build a modern headquarters and an innovation hub, this project will not only serve internal needs but also contribute to the overall development of the region and the nation's technology sector. Investors and technical experts will closely monitor the progress and impact of this development on Hanoi's socio-economic landscape.

References:

• Cafef.vn
• Businessinvestmentvn.com
• Data from Perplexity AI (accessed September 12, 2025)