Asia's 2nd tallest tower for capital,

The PVN Tower would have a height of 528 metres and 102 stories and a total investment capital of US$1.2 billion.

The tower is designed to house a complex of trade centres, offices, and apartments.

It will occupy a 25ha site in Ha Noi's Tu Liem District.

Trinh Xuan Thanh, chairman of PVN's management board, said the company planned to commission one of the world's most famous architects to design the tower.

They include Argentina's Cesar Pelli, who designed the Petronas Twin Tower (452 metres high); Adrian Smith from the US, who designed the world's tallest building the Dubai Tower (828 metres high); and Australian Karl Fender, who built the 88-storey Eureka Tower, he said.

Construction is expected to start in early 2011. Building work is scheduled to last three years.

PVN held a two-day seminar on the proposed project in Ha Noi on Tuesday.

Karl Fender, president of the Australian National Institute of Architects, said on the sidelines of the seminar that skyscrapers should not be seen as status symbols but as necessary and functional.

Mohsin Ahmad, general director and chairman of US consultants Axis Design Group International, said he doubted there would be sufficient capital to finance the project – even if it were to get the go-ahead – because demand would be limited.

Over the past five years, a number of high-rise buildings have sprung up in the capital, including the 34-storey Vinaconex building, which stands 135m; the 65-storey Ha Noi City complex; the 50-storey Cau Giay Trade Centre; and the 70-storey Keangnam Ha Noi Landmark Tower.

The planned PVN Tower, which will have 102 storeys, will be the tallest building in Viet Nam.