The Ministry of Planning and Investment has stamped its support for the transformation of a VND18.8 trillion (US$795.2 million) golf course into a VND55.87-trillion ($2.36 billion) township project in northern Hai Phong City as proposed by Vietnam’s multi-sector conglomerate Vingroup.
In the project appraisal report recently submitted to Prime Minister Pham Minh Chinh and Deputy Prime Minister Tran Hong Ha, the ministry conveyed its endorsement and support for Vingroup’s adjustment.
Based on the preliminary approval, the project known as Vinpearl Golf Hai Phong covers an approximate land area of 872.52 hectares on Vu Yen Island, situated in Dong Hai 1 Ward of Hai An District and Thuy Trieu Commune of Thuy Nguyen District in Hai Phong City, about 120 kilometers east of Hanoi.
The key components of the project include a 36-hole golf course, a housing area consisting of 1,116 ecological villas accommodating a population of 4,000-4,800, a public service area, an entertainment complex, green areas, landscaping, ecological elements, land designated for transportation, technical infrastructure facilities, and a cable car line connecting to the island.
The initial investment capital for the project was estimated at approximately VND18.8 trillion.
In a recent proposal, Vingroup suggested transforming Vinpearl Golf Hai Phong into a project comprising an urban area for entertainment and housing purposes and an ecological park, in order to align with the approved long-term master planning of Hai Phong City until 2040, with a vision extending to 2050.
The adjustment will result in a reduction of the project’s land use area from 872.52 hectares to 869.53 hectares.
The new construction works also include roads and bridges connecting the project with May Chai Ward in Ngo Quyen District of the city.
The conglomerate proposes maintaining the 159.79-hectare area for the 36-hole golf course within the project site.
Regarding the housing area, it suggests expanding the scale of low-rise and adjacent housing to 200.99 hectares, allowing for the construction of approximately 7,095 villa lots and 3,553 adjacent housing lots, increasing the project’s population size to 42,592 people, excluding the population residing in the 50.25-hectare social housing areas covered by the project.
For comparison, the number of housing units and population size in the Vinpearl Golf Hai Phong project are set to increase by nearly tenfold compared to the initial investment scale.
Simultaneously, the project investor has suggested nearly tripling the total investment capital from VND18,8 trillion to VND55.87 trillion.
The implementation period of the project will be extended by an additional six years starting from the approval date of the adjusted project.