Property heavyweight Sun Group proposes more major investments in southern Vietnam

Sun Group, one of Vietnam’s top real estate developers, has proposed a slate of investments in the southern coastal province of Ba Ria-Vung Tau, focusing on commercial, tourism, and urban development.

Its proposal was presented to provincial authorities during a working session last Friday.

The projects include the Mui Nghinh Phong commercial-service complex, the Cu Lao Ben Dinh urban area, the Go Gang Island urban-tourism zone, and the Bac Phuoc Thang eco-tourism site, and the Southwest Ba Ria urban area, all located in Vung Tau town, and several others in the tourism archipelago of Con Dao.

At the meeting, Ba Ria-Vung Tau's Party chief Pham Viet Thanh affirmed that the province values the group’s capability, vision, and commitment to nationwide projects, as well as its dedication in studying and proposing investments in the province.

Ba Ria-Vung Tau wants to sign a strategic cooperation memorandum with Sun Group at an investment promotion conference scheduled for late May, he said.

Thanh also suggested Sun Group consider investing in a high-end hospital in the province.

Briefing the group on Ba Ria-Vung Tau’s efforts in investment attraction, the official stressed that the province has ranked near the top in the administrative reform index for four consecutive years and currently leads the southeastern region.

Its transport infrastructure network is expected to be fully completed by mid-2027, he added.

Sun Group recently submitted a proposal to the Ministry of Construction, offering to fund the master planning for expansion of Con Dao airport in Con Dao archipelago in the 2021-2030 period, with a vision toward 2050. The archipelago is home to a jail system dating back to the French colonial time.

According to Sun Group, currently, the airport can only accommodate small aircraft and is unable to operate night flights due to its short runway and aging infrastructure.

Therefore, it has proposed upgrading the airport to 4E, a global standard for large airports, extending the runway and boosting the capacity to 2 million passengers per year by 2030.

The upgrade would enable the airport to handle wide-body aircraft like the Airbus A350 and Boeing 787.

Sun Group pledged to cover all planning costs in accordance with legal regulations, "on a voluntary and unconditional basis, ensuring transparency and without affecting public interests".

Last Friday, Sun Group broke ground on a VND37 trillion ($1.43 billion) urban area project in Ba Ria-Vung Tau. The development is poised to become one of the largest integrated urban complexes ever undertaken in the province.

Spanning 96 hectares in wards 10 and 11, Vung Tau town, the project will include a mix of high-rise apartment buildings, low-rise villas, commercial and serviced complexes, hotels, and a 19-hectare themed water park.

Once completed, it is expected to accommodate around 13,000 residents and welcome up to 11,000 visitors per day.

During the upcoming investment promotion conference, the provincial People’s Committee will grant investment licenses to 39 investors with registered capital of at least VND200 billion ($7.7 million) each and sign strategic cooperation agreements with five major enterprises.

Ba Ria-Vung Tau plans to build a free trade zone linked to seaports in the Cai Mep Ha area in Phu My town.

The free trade zone is projected to span about 3,749 hectares in Phuoc Hoa and Tan Hoa wards. It is designed to include around three main functional zones - a transport hub (including seaports, inland waterways, and a railway station); logistics, warehousing, and industrial areas; and an urban commercial-service zone combined with high-tech industrial development.

The zone is expected to leverage Ba Ria-Vung Tau’s strategic position and help develop the province’s maritime economy, external trade, foreign investment attraction, and logistics sector.