Vinhomes, a subsidiary of Vietnam’s largest private conglomerate Vingroup, is seeking prime ministerial approval to build a VND26,680 billion ($1.14 billion) resort and urban complex in Cam Ranh Bay, Khanh Hoa province.
Khanh Hoa's Chairman Nguyen Tan Tuan has approved a proposal from the provincial Department of Planning and Investment on implementing investment procedures for the resort and urban complex project in Cam Ranh town.
According to a statement released Thursday by the province’s People’s Committee, the department will coordinate the process of completing project application dossiers with relevant agencies for appraisal by the Ministry of Planning and Investment.
Once this is done, it will be submitted to the Prime Minister for investment policy approval.
The Cam Ranh Bay area is significant in terms of national defence, so the project must obtain prime ministerial approval.
As planned, site clearance and technical infrastructure for the 1,250ha project are set to be completed in the fourth quarter of 2025.
Vinhomes JSC, listed on the HCMC Stock Exchange as VHM, is one of Vietnam’s largest real estate developers. It has been a pioneer in building and operating large-scale residential projects.
In 2021, it made new strides in pushing ahead with the all-in-one residential area model at Vinhomes Ocean Park and Vinhomes Smart City in Hanoi, and Vinhomes Grand Park in Ho Chi Minh City.
The firm had said it expected a revenue of VND75,000 billion ($3.24 billion) and profit after tax of $1.29 billion in 2022, down 12% and 23% from the 2021 results, respectively.