VTV is also allowed to select more private companies to contribute capital to the joint-stock company to run business activities when the project is put into operation.
The tower is scheduled to be built on an area of 14 hectares in the urban centre west of West Lake, Hanoi.
According to the Government leader, the project plays an important role in Hanoi’s development, with its investment raised from non-Government sources, and it will be given the highest incentives in accordance with law.
The Vietnam TV Tower is also an international-scale project and will be the world's tallest tower, requiring special mechanisms decided by the Government such as capital mobilisation, land allocation, and contractor selection among others.
According to the Government, the project has special meaning in the field of television and broadcasting which will create significant impacts on tourism, investment and society while also standing as an architectural highlight of Hanoi.
In August 2014 in Tokyo, VTV signed a contract selecting Japan's Nikken Sekkei as the design consultant contractor for the project.
The project is expected to be completed and put into use in 2020.
