Central Vietnam hub Danang names 5 property projects eligible to raise investment capital

The Department of Construction in Danang city has announced a list of five property projects that have been approved to mobilize a total of over VND22 trillion ($836.34 million) in investment capital.

According to the department, these projects have received official notices confirming their eligibility to raise funds through capital contributions, investment cooperation, business cooperation, joint ventures, and partnerships with organizations and individuals (from August 1, 2024 to the present).

First, the Lang Van resort and tourism complex in Hai Van ward, developed by Vinpearl JSC - a subsidiary of Vingroup, is permitted to raise VND16.85 trillion ($640.56 million) in investment capital.

With a total investment of VND44 trillion ($1.67 billion), the project is among the largest in Danang and plays a key role in the city’s urban and tourism development strategy for the northern area.

Officially breaking ground in June 2025, the 512-hectare complex is located beneath the Hai Van Pass. It boasts pristine natural beauty, white sandy beaches, crystal-clear waters, and majestic rocky cliffs.

Second, the Thuan Phuoc-Danang New Urban Area project, located in Son Tra ward and developed by Thuan Phuoc Bay Urban Investment JSC, has been allowed to raise VND2.14 trillion ($81.35 million).

With a total planned investment of VND11.5 trillion ($437.2 million), the project aims to develop a modern, smart urban area integrating high-end residential, commercial, service, entertainment, cultural, and tourism facilities.

Third, the Legend City Danang Complex - comprising a shopping center, a hotel, and apartment buildings - in An Hai ward, developed by Vipico Co., Ltd., has been approved to raise VND1.76 trillion ($66.9 million).

Located on Vo Van Kiet street, the project covers 11,487 square meters, including 77,658 sqm of residential land and 3,829 sqm of commercial-service land. It consists of one hotel block and one condominium block with 800 apartments, with a total housing construction investment of more than VND2.35 trillion ($89.34 million).

Fourth, the Thuy Tu Tourism Urban Area Infrastructure Project (Phase 2) in Hai Van ward, developed by Finance and Business Solutions JSC, is eligible to raise VND800 billion ($30.41 million) in capital.

Finally, the Tay Bac Model Urban Area (Phase 1) in Ban Thach ward, developed by Tay Bac Trading and Real Estate JSC, has been approved to raise VND651 billion ($24.75 million).

The construction department emphasized that developers and capital contributors must strictly comply with legal regulations to ensure transparency and safety in fundraising activities.

Under the guidelines, investors contributing capital or engaging in cooperative investment or business partnerships may only receive profits in cash or shares, in proportion to their capital contribution as stipulated in the contract.

Developers are not allowed to allocate housing products or rights to purchase, register, or reserve homes in the project, except in cases where a new legal entity is established and designated as the project’s official investor by the state.

Mobilized capital must be used solely for housing development and project implementation, and cannot be diverted to other projects or purposes.

Notably, if a project or housing units are under mortgage, the developer may only raise capital after the mortgage registration has been removed or partially released, in accordance with the law.

Additionally, the total mobilized capital plus the investor’s own capital must not exceed the project’s total investment value, including land use fees and land lease payments, as prescribed under Vietnam’s land regulations.