Business

Vingroup starts work on billion-USD urban complex

Real estate developer Vingroup started work on the construction of the 30 trillion VND (1.42 billion USD) Vinhomes Tan Cang urban complex, in Binh Thanh district of Ho Chi Minh City on July 26.
Real estate developer Vingroup started work on the construction of the30 trillion VND (1.42 billion USD) Vinhomes Tan Cang urban complex, inBinh Thanh district of Ho Chi Minh City on July 26.

Thecomplex on a 43ha area spreading along Sai Gon River, billed as aminiature green city, will be home to a chain of apartment and officetowers, upscale villas, retail spaces and other service facilities. Inparticular, it is expected to house a 81-storey skyscraper, the highestin Vietnam. It once inaugurated by 2017.

Vingroup VicePresident Nguyen Viet Quang said this is the group’s first urban complexin Ho Chi Minh City, marking its expansion to the southern real estatemarket.

The villas together with a school and aninternational general hospital in the complex will be completed nextyear, while the entire urban complex will be inaugurated in 2017.

The same day, Vingroup started the construction of a general hospitalin Phu Quoc island district, the southern province of Kien Giang.

Between now and October, the group will begin the building of threemore hospitals in Ho Chi Minh City, Nha Trang (the central coastalprovince of Khanh Hoa) and Ha Long (the northern province of QuangNinh), as part of Vingroup’s strategy to expand its Vinmec-brandedmedical care system to 10 facilities across the country.

Beyond that, the group will also open its Vinmec medical university in the northern province of Hung Yen in late 2015.

Vingroup is the leading private sector real estate and tourismbusiness in Vietnam with such brand names as Vincom (high-end shoppingmalls), Vinhomes (residential properties), Vinpearl (tourism andrecreation facilities) and Vinmec (hospitals).-VNA
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