The HCMC People's Committee said it will work with the project investor, the Underground Space Investment Development Corporation, to end the BOT contract for the project in Le Van Tam Park, District 1.
The parking lot was meant to accommodate 2,000 motorbikes, 1,250 cars, and 28 buses and trucks in an area of 100,000 square meters.
The project broke ground in 2010, but stalled soon after.
According to the city Department of Transport, the project was paused because many important requirements were not finalized, including applying for construction permits and evaluating technical designs.
Saigon had planned four underground parking spaces in the downtown Districts 1 and 3, totally accommodating 6,300 cars and 4,000 motorbikes. None of these have been implemented.
Parking space in the downtown area of the 13-million strong HCMC now only meets around 7 percent of total demand, according to urban planning experts.
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