Vinhomes was approved to invest in an urban area of ​​more than 32,000 billion VND in Hung Yen

Vinhomes was approved to invest in an urban area of ​​more than 32,000 billion VND in Hung Yen

The Prime Minister has just issued a Decision approving the investment policy of the Dai An urban area project invested by Vinhomes Joint Stock Company, covering an area of ​​nearly 294 hectares. The urban area is located in Tan Quang commune, Nhu Quynh town, Van Lam district, and Nghia Tru commune, Van Giang district.

The estimated total investment of this urban area project is about 32,661 billion VND. In which, equity accounts for 15% of total investment capital, loans and other combined capital accounts for 85% of total investment capital.

Implementation time is 6 years from the approval of the investment policy. The project operation period is 50 years. This is the second megacity project invested by Vingroup in this area after the Vinhomes Ocean Park super project in Gia Lam district.

According to the 1/500 plan approved previously, the project’s objective is to build a model, civilized and modern urban area with a variety of housing, commercial, and service products. This project’s goal is to build an ideal living and working environment, creating a breakthrough for socio-economic development. Lastly, this project will serve as a driving force for the urban development of Van Giang, Van Lam districts.

The M&A deal of Dai An project

The Dai An project was previously planned by Dai An Construction Investment Joint Stock Company – a subsidiary of Geleximco Group. Recently, according to Ban Viet Securities Company (VCSC), Vinhomes has completed the acquisition of this project.

Dai An’s 32.700 billion VND urban area project. Picture: vietnambiz

At the end of November 2019, Vinhomes sent a document to the People’s Committee of Hung Yen province regarding the implementation of the Dai An urban area. In February 2020, Hung Yen People’s Committee issued a written response to Vinhomes. Accordingly, the Provincial People’s Committee assigns the Department of Planning and Investment to coordinate with relevant departments and branches to check the enterprise’s proposal following regulations and report to the Provincial People’s Committee.

Vinhomes’s major projects in the real estate market

Dai An urban area is the second project of Vinhomes approved by the Prime Minister from the beginning of the year until now. Previously, Dream City eco-urban area was also approved for investment policy, covering an area of ​​about 458 hectares in the communes of Long Hung, Nghia Tru, Van Giang district.

Dream City is a reciprocal project of BT projects such as the investment project to build Hung Yen sports complex, North-South backbone of Hung Yen province, improving and upgrading the 207B road, invest in building and embellishing infrastructure according to the criteria of a new countryside in Long Hung and Nghia Tru communes, along with the center of culture and sports of Van Giang district.

In June 2020, the Department of Planning and Investment of Hung Yen province announced to find investors for the project of Dai An urban area. According to regulations, the project will be prequalified, tender to select investors.

By July 2020, at the XIII meeting, the People’s Council of Hung Yen province unanimously agreed on the policy of implementing the above project to proceed with the next steps to submit to the Prime Minister for the decision on investment policy.

The Prime Minister asked investors to be responsible for advancing capital and coordinate with functional agencies in site clearance and settlement of disputes and lawsuits. Accordingly, the investor cannot let the legal problems of land occur in the process of site clearance, project implementation, and business conduct.

In addition, Vinhomes also has to deposit, fully mobilize capital, organize the implementation, and manage the project on schedule as prescribed.

ASL LAW is the top tier Real Estate law firm in Vietnam for. If you need any advice, please contact us for further information or collaboration.


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