Under Decision 3734 issued on Monday, the Hanoi People’s Committee approved the conversion of 2,604 square meters of land at 149 Truong Chinh street in Phuong Liet ward for redevelopment by Petrolimex Engineering JSC (PEC).

The site has been managed by PEC since it was allocated by the municipal government in 2014, with a land use rights certificate issued in 2015.

State-controlled Petrolimex is the country's largest gasoline retailer.

The project is being developed by a consortium comprising PEC and Trang An Trading and Urban JSC, following an investment policy approval and investor designation granted by the municipal People’s Committee on January 27.

According to the master plan, the site will be redeveloped into a mixed-use complex comprising office space, commercial services, and residential apartments.

The city has approved the land allocation with land-use fees for implementation of the project. The developers will receive land use rights for 50 years from the date of the decision, while apartment buyers will be entitled to stable, long-term land use rights in accordance with Vietnamese law.

PEC is an engineering consultancy specializing in petroleum, gas, industrial and civil construction projects nationwide and is part of the Vietnam National Petroleum Group (Petrolimex) ecosystem.

Although Petrolimex (PLX) does not directly own shares in PEC, its wholly-owned subsidiary - Petrolimex Construction and Trading Corporation (PGCC) - is the company’s controlling shareholder with a 51% stake.