Vingroup-led consortium to build $1.38 bln urban area in outlying Hanoi district

A consortium led by private conglomerate Vingroup has registered to build a VND35.2 trillion ($1.38 billion) smart-ecological urban area in Hanoi’s outlying district of Dong Anh.

The consortium, comprising Vingroup, Long Hai Investment Development JSC and Thai Son Construction Investment JSC, is the only entity that has registered for the project located in the district’s Tam Xa, Vinh Ngoc and Xuan Canh communes, according to the municipal Department of Planning and Investment.

The urban area is expected to cover 268 hectares, with an operation period of 50 years. It will be constructed in about 96 months.

The developer will build 427 villas, 1,211 townhouses, 7,769 commercial apartments, 3,426 social housing units and a synchronous technical infrastructure system, accommodating about 38,500 residents.

The project is part of the capital city’s general construction plan until 2030 (with vision until 2050), as well as the 1/5,000 scale Red River urban sub-area plan (from Hong Ha bridge to Me So bridge).

For Vingroup, the largest private conglomerate in Vietnam, Dong Anh is its new destination in the Hanoi property market. It has already built large-scale modern Vinhomes urban areas in Long Bien and Gia Lam districts.

With Dong Anh set to become an urban district in the near future, Vingroup is focusing on developing a number of other projects here including the National Exhibition Fair Center and a Vinhomes Co Loa urban area.

The National Exhibition Fair Center project covers over 265 hectares in Xuan Canh, Dong Hoi and Mai Lam communes, with Vietnam Exhibition Fair Center JSC (VEFAC), a subsidiary of Vingroup, as its investor.

Thai Son Construction Investment JSC was established in 2007, with Vinhomes, the real estate arm of Vingroup, holding 99.8% of its shares.

Long Hai Investment Development JSC is a popular partner of Vingroup. Last April, Long Hai and Vinhomes signed a contract to contribute capital to the Cua Hoi Amusement Park investment, construction and business project in Nghi Hoa and Nghi Hai wards, Cua Lo township, the central province of Nghe An.

Headquartered in Hanoi’s Long Bien district, Long Hai mainly operates in the real estate business, with Nguyen Hong Quan, 62, as its CEO and legal representative.

When established in 2022, Long Hai had a charter capital of VN500 billion, which had risen to VND3,148 billion ($123.67 million) at the end of January 2024.