Over VND 16 trillion mobilized for housing development at Lang Van project

Located in Hai Van Ward, Da Nang, the project covers an area of 5,011,423 m², including 1,013,898 m² designated for residential use. The total investment capital of the entire project is nearly VND 44 trillion, of which about VND 19.8 trillion allocated for housing. The project is scheduled for completion by the fourth quarter of 2029.

According to the municipal Department of Construction, the project is eligible to mobilize capital for housing development through various methods such as capital contribution, investment cooperation, business cooperation, joint ventures, and investment partnerships with organizations and individuals, as stipulated by the Housing Law.

The level of approved capital mobilization for housing development is about VND 16.85 trillion, accounting for 85% of the total housing construction investment capital. For other project components, the investor shall mobilize capital according to the provisions of law until the overall project is completed.

The Department of Construction has requested the Vinpearl JSC, a subsidiary of Vingroup Corporation and the project’s investor, to strictly comply with the regulations on capital mobilization as well as ensure the proper use of funds for housing development in line with the principles set out in the Housing Law.

Work started on the Lang Van Tourism and Resort Complex project on June 22, with a total area of 512.2 hectares. It is one of the key projects with great significance for Da Nang’s socio-economic development and urban planning orientation in the northwestern area.