Several long-idled mega projects in Da Nang are being revived, while the city is set to kick off a series of major new developments with total investment exceeding 100 trillion VND (approximately 4 billion USD).

Billion-dollar projects resume after long delay

Recently, Thuan Phuoc Bay Urban Investment JSC broke ground on the Thuan Phuoc New Urban Area project, located in Nai Hien Dong and Tho Quang wards (Son Tra District, Da Nang).

The project spans 97 hectares and has a total investment capital of 11.5 trillion VND (about 460 million USD). Previously known as the Northern Man Quang Bay Urban, Commercial and Tourism Area, the project received detailed planning approval at a 1/500 scale from Da Nang authorities in 2010.

In 2023, the city’s People’s Committee approved the first adjustment to the investment policy and officially designated Thuan Phuoc Bay Urban Investment JSC as the investor.

Thus, after 15 years of planning, the Thuan Phuoc New Urban Area is finally under construction.

Earlier, in March 2025, the long-stalled Da Nang Real Estate and Marina project - commercially known as Marina Complex - also resumed after years of inactivity.

Located beneath the Thuan Phuoc Bridge in Nai Hien Dong ward, the project is developed by Da Nang Marina JSC, a subsidiary of Quoc Cuong Gia Lai JSC.

Spanning 11.7 hectares, the first phase began in 2016 with over 100 shophouses built and sold. Phase two started in early 2019, including 1,000 meters of embankment, 1 hectare of reclaimed Han River surface for villa rows, two apartment and hotel towers, and a marina.

However, public concern over potential impacts on river flow led Da Nang authorities to suspend the project pending legal reviews and planning adjustments in coordination with relevant agencies.

In February 2025, Vipico Co., Ltd. also held a groundbreaking ceremony for “The Legend City Da Nang,” a mixed-use development of commercial, hotel, and residential towers located at Lot A20. The project occupies a prime area with four street frontages: Vo Van Kiet, Ngo Quyen, Ly Nam De, and Mai Hac De (An Hai Tay Ward, Son Tra District).

The complex will feature two 29-story towers and three basement levels, with a total investment of over 3 trillion VND (about 120 million USD).

The project site was once at the center of a legal dispute between Vipico and the Da Nang People’s Committee after the company’s winning bid was annulled. However, both the first-instance and appellate courts ruled in favor of Vipico.

Major projects lined up for groundbreaking

According to the Da Nang People’s Committee, the city is focusing on removing legal and procedural bottlenecks in long-delayed developments to accelerate disbursement and raise overall investment in 2025.

Authorities are actively resolving longstanding projects per Politburo Conclusion No. 77 and National Assembly Resolution No. 170, which outline solutions for land-related issues, especially those entangled in legal inspections and court rulings.

In Q1 and Q2 of 2025, several major projects are expected to break ground with total investment surpassing 100 trillion VND (about 4 billion USD), including: the Lang Van project (44 trillion VND or 1.76 billion USD), the Asia Park and International Fireworks Complex (over 40 trillion VND or 1.6 billion USD), FPT Group developments (over 5 trillion VND or 200 million USD), and Viettel’s Information Technology Park (over 2 trillion VND or 80 million USD).

Nguyen Van Quang, Secretary of the Da Nang Party Committee, emphasized that implementing Conclusion No. 77 and Resolution No. 170 is a key political task and a legal foundation to unlock resources and drive the city’s socio-economic growth.

“For a long time, Da Nang’s growth relied heavily on land resources. However, past shortcomings identified in inspection reports and court rulings brought many projects to a standstill. If we can resolve these issues, land will once again become a major driving force for development,” Quang stated.

Ho Giap