Construction and real estate corporation Vinaconex will develop the Dong Anh Industrial Park in Hanoi at a cost of VND6.34 trillion ($256.6 million).
The 50-year project, which has received in-principle approval by Deputy Prime Minister Le Minh Khai, will cover 299.45 hectares in the communes of Nguyen Khe, Xuan Non, Thuy Lam and Lien Ha and the Dong Anh township.
The Deputy PM has asked the Ministry of Planning and Investment and relevant agencies to appraise the project’s investment plan and implement state management of the industrial park in accordance with provisions of the Investment Law and other related laws.
The Hanoi People's Committee has been asked to ensure accuracy of information, reported data and appraisal content as also assess the project's compatibility with plans approved by competent authorities.
The capital city administration has to prepare and approve subdivision plans for the Dong Anh IP in line with the law; and consider allocating industrial land in the park for sublease to small and medium-sized enterprises.
It should also develop and implement plans for land recovery, compensation, site clearance, land use purpose change and land lease per official procedures, provisions of the land law, and other related regulations.
The People's Committee will also be responsible for directing the Hanoi Industrial and Export Processing Zones Authority (HIZA) and relevant agencies to monitor and evaluate project implementation, including investors’ capital contributions, Khai said.
Vinaconex, listed on the Ho Chi Minh Stock Exchange as VCG, closed Wednesday at VND24,600 ($1) per share.