Chairman of the Hanoi People's Committee Nguyen Quoc Trieu on March 14 granted a licence for Keangnam group of the Republic of Korea to build a five-star hotel complex in Hanoi’s Cau Giay district.

The US$500 million project will include a five-star hotel, a trade centre and high-grade offices for lease.

Construction of the project, which covers 4.6 ha, is expected to finish in the first quarter of 2010 in order to celebrate the 1,000th anniversary of the founding of Hanoi, formerly known as Thang Long.

Since the beginning of the year, the city's People's Committee has granted three investment licences to three investors, including two foreign businesses, to build five-star hotels in Hanoi.