Big real estate projects land in Hai Phong hinh anh 1Hai Phong-Hanoi highway (Source: VNA)

Following breakthroughs in socio-economic development in recent years, many major real estate projects have been launched in Vietnam’s northern port city of Hai Phong.

In a few years, phase I of the Lach Huyen International Port with the capacity to receive ships of up to 100,000 tonnes, the Hanoi - Hai Phong and Hai Phong – Ha Long expressways and the expansion of the Cat Bi airport will all be put into operation.

In order to take advantage of the improved infrastructure, many investors have seized opportunities and and impressed municipal authority with impressive renders.

Vingroup, the country’s biggest private real estate developer, decided to pour 19 trillion VND (870 million USD) into Vu Yen Island, opposite the city’s central area on the other side of the Cam River.

The project, which spreads across 870 hectares in Hai An and Thuy Nguyen districts, will feature a world class 36-hole golf course, ecological villas, entertainment zones, an eco-park and a 1.5-kilometre-long cable car system.

Other notable projects include the Trang Cat industrial, residential and service zone in Hai An district with a total investment capital of 6.3 trillion VND (290 million USD), the Vincom Plaza, the tourism and entertainment zone in Hon Dau island and the Nguyen Kim Commercial Centre or SHP Plaza.

However, many questions were raised about project progress as many previous big projects have failed to fulfil their commitments.-VNA