HCMC – Vinhomes JSC has received the nod from the Khanh Hoa Province government to carry out investment procedures for its urban area project, worth around VND26.68 trillion, along Cam Ranh Bay in Cam Ranh City.
Provincial chairman Nguyen Tan Tuan has approved in principle the Khanh Hoa Department of Investment and Planning’s proposal to conduct investment procedures for the project, Thanh Nien Online cited the provincial government as saying today, August 18.
The department was told to coordinate with the relevant agencies to complete documents seeking approval for the project, then report them to the provincial authorities before submitting them to the Ministry of Planning and Investment for appraisal and to the prime minister for consideration.
The provincial investment and planning department said it received a proposal from Vinhomes on August 3 to develop the urban area project, which will cover an area of over 1,250 hectares.
The project is aimed at building a modern urban area in the Cam Ranh Bay area, contributing to the socioeconomic growth of the coastal city and neighboring areas.
As for the progress of the project, legal procedures could be completed in the second quarter of this year, while the project’s investor would be chosen via bidding in the fourth quarter. Following this, a zoning plan with a scale of 1/500 will be mapped out and approved in the first quarter of next year. Site clearance and compensation work will take place from the first quarter of 2023 to the second quarter of 2024. Work on the project is expected to start from late 2023 to late 2025.