Big projects worth $5.88 bln to break ground in central Vietnam city

Many major projects are set to break ground in the central coastal city of Danang in the first half of the year, with total investment exceeding VND150 trillion ($5.88 billion).

Nguyen Van Quang, Party chief of Danang, said these include the Lang Van International Resort project worth over VND44 trillion ($1.72 billion); the Asia Park complex project (more than VND43 trillion or $1.68 billion); tech giant FPT Group’s projects (over VND5 trillion or $196 million); high-end coastal, riverside, and Son Tra peninsula resort projects (over VND60 trillion or $2.35 billion); and military-run telecom group Viettel’s IT park project (over VND2 trillion or $78.45 million).

Additionally, the Chi Lang Stadium project will see planning adjustments and land clearance completed by April 30 and be eligible for auction in 2025, Quang said at a meeting with Prime Minister Pham Minh Chinh during the latter's visit to the city on Sunday.

The municipal People's Council has issued resolutions to bring Danang's distinctive mechanisms and policies into force, "attracting great attention from investors". The recently-inaugurated Software Park No. 2, which spans 92,000 square meters, has drawn many companies operating in the fields of microchips, semiconductors, artificial intelligence, and innovative startups, he noted.

Danang has completed documents for the Prime Minister to issue a decision on establishing a free trade zone in the city. The documents have been sent to the Ministry of Planning and Investment (MPI) for appraisal and will be submitted to the Prime Minister in March.

Public investment capital has been allocated for projects connecting infrastructure among areas within the free trade zone, while strategic investors will develop infrastructure within the areas.

Regarding the establishment of an international financial center in Danang, the city is working closely with the MPI to compile a draft resolution for the National Assembly, aiming to submit it at the May 2025 session. The city is also preparing to train a skilled workforce and attract strategic investors to help build the financial center’s infrastructure.

Danang expects to complete the shared infrastructure at Lien Chieu Port by the end of this year, following the prime minister’s instructions. It is collaborating with the MPI to select strategic investors who meet the criteria set forth by the National Assembly and have the capacity to build Lien Chieu Port as a green and modern international transit port, per the Prime Minister’s conclusion.

Danang plans to invest VND500 billion ($19.6 million) in creating an innovation space, set to begin construction this year, which is independent of the National Innovation Center in the central region being deployed by the Ministry of Science and Technology.

At the meeting, city leaders raised a number of recommendations related to shortening investor selection procedures so that by September-October, construction of Lien Chieu Port can be started.

The city will select strategic investors to do logistics, aviation business and trade in the free trade zone, with additional distinctive policies.

It also seeks to add an LNG-to-power power plant to the national power development plan VIII (PDP VIII), in line with the planning for Lien Chieu Port (with a gasoline terminal). The city will quickly build a cargo warehouse, expand the T1 terminal of Danang Airport, and grant slots for Emirates to fly to the airport.

Chinh said he supports Danang to make additional distinctive policies to attract investors into the free trade zone and develop an international financial center in Danang. Propopals on mechanisms and policies will be submitted to the National Assembly in April.

Regarding Lien Chieu Port, the Prime Minister directed the MPI to provide prompt guidance in selecting qualified investors. On the addition of the LNG power plant to the PDP VIII, the Prime Minister pointed out that the energy supply in the central region is currently adequate.

"Therefore, careful consideration is needed to ensure the plan is well-suited, balancing needs among regions across the country while prioritizing areas with poor economic conditions and effectively utilizing gas fields."

He instructed the Civil Aviation Authority of Vietnam to immediately allocate slots for Emirates to fly to Danang Airport.