Construction commenced on $460 mln new urban project in Vietnam's central hub Danang
Local property developer Futa Land Joint Stock Company has started constructing its 97.6 ha Thuan Phuoc new urban area project in Danang city, central Vietnam.
The ground-breaking ceremony of the new Thuan Phuoc Urban project with an investment of VND 11.5 trillion ($460 million) in Danang, central Vietnam. Photo courtesy of VNA.
With an investment of VND11.5 trillion ($460 million), it says it is creating the first ‘smart’ and low carbon urban luxury trading-residential and entertainment center in central Vietnam.
The project is one of the largest in the city, promising a significant facelift landmark in the north of the Son Tra peninsula and marking a new stage in the city’s positive growth for the next decades.
General director of the Thuan Phuoc Bay Urban Investment company Truong Dinh Trung said the complex has been designed to be 'premium urban' space, the first of its kind in central Vietnam, providing accommodation, entertainment, five- and six-star hotels, a school, a hospital and shopping and trading areas along the banks of the Han River.
Trung said the project will reserve a 16.5 ha area for the Funsea Park as a ‘green’ eco core, for sea and river- front living for upscale residents in Danang city.
He said the project will be funded by SHB bank.
According to a report from the city’s people’s committee, Danang has proposed selling 10,000 apartments under state ownership to pay for new housing projects in 2020-2030.
As many as 17 commercial housing projects have been listed to allow foreigners to own homes, including eight on the Son Tra peninsula and six in the downtown district of Hai Chau, it reported.
The city has ambitious plans to become a ‘green’ and ‘smart’ city by 2030, and an economic hub of the central and Central Highlands regions.
Danang has been accelerating its creation of a free trade zone, an international finance center, and a global semiconductor and AI manufacturing hub.
Vice Chairman of the city’s People’s Committee, Le Quang Nam said the project would turn the city into a magnet for premium living and entertainment, with Danang being promoted as a ‘liveable’ place to both reside and invest in.
- Read More
New Vietnam-China int'l road transport route opens
Convoys carrying electronic components, fresh vegetables, and daily necessities departed simultaneously from Nanning in south China's Guangxi Zhuang Autonomous Region and Kunming in southwest China's Yunnan province on Wednesday morning, heading for Hanoi, the capital of Vietnam.
Southeast Asia - Thu, May 15, 2025 | 10:34 pm GMT+7
Indonesia’s rice reserve set to hit record 4 mln tons
Indonesia’s rice reserves are on track to surpass 4 million tons, setting an all-time high after reaching a new record of 3.7 million tons in mid-May.
Southeast Asia - Thu, May 15, 2025 | 10:24 pm GMT+7
China's giant Huadian Group eyes enlarging renewable energy portfolio in Vietnam
Huadian Group, a wholly state-owned company of China, is keen to further invest in Vietnam’s renewable energy sector.
Energy - Thu, May 15, 2025 | 9:40 pm GMT+7
Vietnam’s macroeconomic indicators 'broadly positive': Dragon Capital
Vietnam's macroeconomic indicators remained broadly positive, with both trade and FDI attraction performing well in the first four months of the year, write Dragon Capital analysts.
Economy - Thu, May 15, 2025 | 5:47 pm GMT+7
'How many new jobs created’ should be new KPI for local governments: VCCI leader
With a shift in thinking about the role of the private sector, local governments may soon prioritize creation of new jobs and businesses over traditional growth metrics, according to Dau Anh Tuan, deputy secretary-general of the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Thu, May 15, 2025 | 5:23 pm GMT+7
Herbalife’s Vietnam earnings hit $75.4 mln in Q1, exceed China tally
Herbalife, a global multi-level marketing corporation selling dietary supplements, recorded $75.4 million in net sales in Vietnam in the first quarter of 2025, according to the firm’s report.
Companies - Thu, May 15, 2025 | 5:01 pm GMT+7
Japan’s Nitto Denko to quadruple northern Vietnam plant's production capacity
Nitto Vietnam, a subsidiary of Japan’s multi-sector corporation Nitto Denko, has decided to raise the investment in its Hung Yen province-based plant by $28 million to $160 million.
Investing - Thu, May 15, 2025 | 3:58 pm GMT+7
UAE Embassy, VAFIE to jointly strengthen Vietnam-UAE business connections
The Embassy of the United Arab Emirates (UAE) in Hanoi and the Vietnam's Association of Foreign Invested Enterprises (VAFIE) on Wednesday agreed to jointly deploy specific measures to lift trade and investment ties between the two countries.
Companies - Thu, May 15, 2025 | 2:37 pm GMT+7
Turbulent times of Vietnam's food giant Kido
Profits of Kido Group, a leading food company in Vietnam, have been lower than its leaders' expectations in the past few years, with its real estate investment and divestment from Kido Foods not being smooth sailing.
Companies - Thu, May 15, 2025 | 2:27 pm GMT+7
Impact of US tariffs on Vietnam’s textile, clothing and footwear sector
The adjustments in the U.S. tariffs are poised to reshape Vietnam’s textile, clothing and footwear industry, prompting businesses to reassess their strategies and operations, write Assoc. Prof. Rajkishore Nayak and Corinna Joyce from the Fashion Enterprise program at RMIT University Vietnam.
Consulting - Thu, May 15, 2025 | 8:17 am GMT+7
Malaysia-EU FTA expected to promote ASEAN-EU ties
The EU is placing high expectations on the Free Trade Agreement (FTA) with Malaysia as a central pillar in its strategy to strengthen relations with the Association of Southeast Asian Nations (ASEAN) amid escalating global uncertainties.
Southeast Asia - Wed, May 14, 2025 | 10:17 pm GMT+7
Malaysia works hard to expand semiconductor ecosystem
Malaysia needs to broaden its manufacturing ecosystem beyond assembly lines and semiconductors to fully capitalize on foreign investments, towards becoming a more complete manufacturing hub.
Southeast Asia - Wed, May 14, 2025 | 10:14 pm GMT+7
Vietnam's Phu Quoc airport to undergo major upgrade ahead of APEC 2027
Phu Quoc International Airport in the southern province of Kien Giang will be expanded and upgraded to support local economic development, while ensuring transport infrastructure for hosting the 2027 APEC Economic Leaders' Week.
Travel - Wed, May 14, 2025 | 9:57 pm GMT+7
Banks cut staff, transaction branches amid accelerating digital transformation
A series of banks have announced plans to cut staff and transaction offices, setting off a wave of job losses in the banking industry that has been considered one of the hottest professions in recent years.
Companies - Wed, May 14, 2025 | 9:51 pm GMT+7
Malaysia’s maritime sector struggling due to new US tariff policy: expert
Malaysia’s maritime sector, particularly seaport transportation, faces mounting pressure from the U.S.’s tariff policy.
Southeast Asia - Wed, May 14, 2025 | 9:40 pm GMT+7
VinSpeed registers $60.24 bln investment for Vietnam's high-speed transnational railway
VinSpeed High-Speed Rail Investment and Development JSC, a subsidiary of private conglomerate Vingroup, on Wednesday announced its registration to invest in Vietnam’s North-South high-speed railway project.
Companies - Wed, May 14, 2025 | 9:24 pm GMT+7
