Real estate major Vinhomes eyes urban complex project in Ha Tinh

Vinhomes, a subsidiary of Vietnam’s largest listed conglomerate Vingroup, is proposing to build an 82ha urban area project in Ha Tinh province, central Vietnam.

The urban complex in Vung Anh Economic Zone will border Tran Phu street to the north, the zone’s administrative area to the west, and existing residential areas to the east and south.

Vingroup recently proposed a VND9.3 trillion ($407.7 million) industrial park project in Vung Ang, Ky Anh district.

Construction on the 1,007ha project, with a 70-year lifespan, is set to commence and complete in 2023.

According to the group’s plan, by the third and fourth quarter of this year, it will deploy multiple projects in a 2,000ha complex in the zone, including the $10.9 billion VinFast auto factory and facilities to make auto parts and hi-tech audio-visual equipment.

The complex will also accommodate a 824ha port and logistics project and the Ky Ninh resort project, with total investment of $1.75 billion and $21.8 million, respectively.

Of the total area of 2,000 ha, 500 ha is ocean surface.

In December 2021, Vingroup embarked on constructing the VinES battery factory in Vung Ang, which will supply Lithium batteries for VinFast’s electric cars and buses.

In phase 1, the VND4 trillion ($175 million) factory will produce 100,000 battery packs per year. Phase 2 will see the capacity expanded to 1 million packs.

Vingroup was founded by Pham Nhat Vuong, a native of Ha Tinh province and now its Chairman.

In the period 2015-2021, Ha Tinh attracted about 1,000 domestic and foreign investment projects worth $16 billion, ranking 9th in the country in terms of capital attraction. Of these, more than 70 are FDI projects, worth $12 billion.

Ha Tinh plans to establish a logistics hub in the economic zone to serve logistics activities in the province and overseas, as well as boost its competitiveness.

The zone is positioned on the North-South traffic axis and the East-West economic corridor, which is highly advantageous for trade. It is one of five coastal economic zones chosen by the government as an investment priority and one of three international marine trade centers in Vietnam.

Numerous major projects have been established in this zone, including Formosa Group’s steel complex and Son Duong seaport, PV Power’s Vung Ang 1 and Vung And 2 thermal power plants, Petrovietnam’s Vung Ang petroleum depot, and An Viet Phat Group’s biomass power.