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Vingroup kicks off $871 million Hai Phong project

Released at: 09:58, 13/07/2015

Vingroup kicks off $871 million Hai Phong project

Construction underway at Vu Yen Island Ecotourism Urban Area.

by Thu Hoang

Vingroup began construction of its Vu Yen Island Ecotourism Urban Area in northern Hai Phong city on July 12.

With investment of VND19 trillion ($871.1 million) the project covers an area of 870 ha in Hai An and Thuy Nguyen districts.

Vice President Nguyen Viet Quang said that Hai Phong has become a key area for Vingroup’s investment, adding that the group has ensured the project’s construction schedule and quality. 

Recently approved by Prime Minister Nguyen Tan Dung, the project includes ecological villas, amusement parks, an ecological park, and a 36-hole international golf course designed in the heart of the island as the highlight of the complex. A 1.5 km cable car system has also been built to connect the island to the mainland.

Once completed in 2020 the complex is expected to become an important economic center, contributing to the socio-economic development of Hai Phong and surrounding areas.

In February the Vingroup Retail Co., under Vingroup, and the Hai Phong Real Estate Development and Investment Co. also broke ground on a commercial complex - Vincom Le Thanh Tong - in Hai Phong, with investment of VND600 billion ($27.5 million).

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