An automated parking system on Tran Nhat Duat street in Hanoi (Photo: VNA)

Vingroup, a leading property developer in Vietnam, has proposed an underground car park worth over 3.3 trillion VND (nearly 146.9 million USD) in Ho Chi Minh City in a bid to meet local demand for parking.

The car park, in the vicinity of Hoa Lu Stadium in District 1, is expected to have five storeys above ground and five others underground with total parking space of 47,822 square metres, able to accommodate 2,873 motorbikes and 2,548 cars.

It will also include 72,000 square metres zoned for shops and service areas, Vingroup said, adding that it will be built within a year and invested through the public-private partnership model under the build-own-operate contract.

The municipal Department of Transport said there will be eight underground car parks in Ho Chi Minh City, but their construction has yet to be commenced.

Meanwhile, the southern economic hub is facing a severe shortage of parking space, especially in downtown areas, leading to rampant illegal parking on roads and sidewalks.-VNA