Thuc told the media that the move was in line with a Government directive calling for State-owned enterprises to divest their non-core businesses including finance, securities and real property.
The PVN will now focus on its main ventures, including oil exploration and production, refineries, petrochemical manufacturing and other oil-related businesses.
Thuc added that the US$600 million project will be transferred to the Hanoi People’s Committee, which will later choose another investor to continue with the project.
In the original plan, the 102-storey PVN tower, which was to be constructed on nearly 30 hectares in the southwest of Hanoi, was expected to be the tallest building in Vietnam.
