Back Stories » Vietnam » Parking Space Prices Hit US$50,000 In Hanoi

Parking Space Prices Hit US$50,000 In Hanoi

High demand and low supply have resulted in astronomical costs for parking spaces in Hanoi, some of which exceed the cost of the cars themselves.


Related Articles:

7 Of Vietnam’s Most Expensive Traditional Dishes

Hanoi Is The Most Expensive Place To Live In Vietnam: Report

Saigon’s First Multi-Story Parking Lot Opens in District 1


While one can find pricy parking spaces across the capital, the home of the city’s most expensive may belong to the Golden Westlake apartment building on Hoang Hoa Tham Road where prices range from several hundred million VND to nearly VND1 billion (US$50,000). According to Vietnam Net, at this rate, the cost of a 10 square meter space matches that of an apartment in the building.

Golden Westlake may be the most costly, but it is far from an outlier.

One resident living in the city’s Hei Tower told the newspaper that she paid US$15,000 for their parking space back in 2013.

"More than VND300 million is a large amount of money but we had to pay for the parking site; otherwise I don’t know where to park my car," she said.

Things were no better at an apartment building at 93 Lo Duc where a tenant complained that they shelled out VND552,575,000 ($25,000) for the privilege of parking their vehicle.

Like Saigon, Hanoi has long has had plans to construct more parking lots to accommodate the growing number of cars on the city’s streets. While the authorities have been in discussions with the UAE-based fund Vault Investment Foundation (Vault) to set up a set of smart car parks, they are still in the planning stage.

According to Pham Hoang Tuan, department deputy director of the Hanoi Transport Department, the two current smart parking lots and one being developed could only meet 10% - 15% of demand.

Perhaps these expensive parking spaces are one of the reasons Hanoi residents were recently found to have the highest living expenses in the country.

[Photo via Can Ho Saigon]

Related Articles

in Vietnam

$14 Million Approved For Restoration Of Hanoi’s 112-Year-Old Long Biên Bridge

The fate of one of Vietnam’s most beloved and storied structures took another positive turn last week when the government approved a $14 million restoration package for Long Biên Bridge.

in Vietnam

'Amazing Race Vietnam' Apologizes for Challenge Harming Coral Reef

An underwater challenge during this year’s installment of The Amazing Race Vietnam is not sitting well with environmentalists.

in Vietnam

'Engaging With Vietnam' Conference Ruminates on Heritage in Huế

“Living with Heritage, (Re)Creating Heritage: Vietnam and the World” is the title of the 14th Engaging with Vietnam conference, a series of activities including academic panel discussions, keynote tal...

in Vietnam

10 Beautiful Photos of Sapa's Majestic Snow

Last weekend's snowstorm in Sapa drew photographers from all over northern Vietnam who jumped at the opportunity to capture some great photos of the town's snow-covered hills, roads and residents.&nbs...

in Vietnam

10 Killed, Over 30 Missing in Central and Northern Vietnam as Storm Son-Tinh Brings Flash Floods

Heavy rains from storm Son-Tinh, which eventually weakened to a tropical depression, have caused flash floods and fatalities in central Vietnam.

in Vietnam

104-Year-Old Great-Great Grandmother Fights Off Robber

Taking advantage of the elderly will inevitably result in some bad karma, a lesson a Dong Nai man quickly learned after attempting to rob Vo Thi Bai, a 104-year-old woman.

Partner Content