Bac Ninh asks for approval of VinGroup's 45,000 billion VND urban area investment policy

(CLO) The People's Committee of Bac Ninh province has just sent a document to the Ministry of National Defense and the Ministry of Public Security to seek opinions on the appraisal of the investment policy documents for the Northwest New Urban Area project (Area 1).

Accordingly, Bac Ninh province requested the two ministries to determine whether the project is located in an area requiring national defense and security. This is the basis for determining whether the project can be licensed for sale to foreigners or not.

The Northwest New Urban Area Project (Area 1) is located in Hoa Long Ward, Bac Ninh City, with a scale of nearly 270 hectares. The project items include low-rise housing, social housing, schools, parking lots, sports areas, etc. The total expected investment capital is over VND 44,500 billion, proposed by Vingroup Corporation (VIC).

Billionaire Pham Nhat Vuong's group has invested in building Vinhomes Bac Ninh apartment building at the roundabout of the 6-way intersection, Bac Ninh city. Photo: Bac Ninh Newspaper.

The urban area will operate for 50 years, with the implementation progress expected to last 10 years. Upon completion, the project will become a modern, smart and community-connected urban area.

The project includes low-rise housing projects, social housing in the form of apartments, mixed housing and service projects, social infrastructure projects (medical stations, kindergartens, primary schools, secondary schools, cultural houses, commercial buildings, sports facilities, parking lots), ... and technical infrastructure of the project.

The project selects investors through bidding.

The People's Committee of Bac Ninh province assigned the Department of Planning and Investment to preside over and coordinate with the Provincial Military Command and the Provincial Police to provide records and documents, and work with specialized agencies of the Ministry of National Defense and the Ministry of Public Security when requested.

Previously, in September, Phu My Hung's member company was also approved by the province to invest in a 27,000 billion VND urban area in Thuan Thanh town.

As one of the major industrial capitals in the North, Bac Ninh has the advantage of being located in the key economic triangle of Hanoi - Hai Phong - Quang Ninh and is the northeastern gateway of the capital Hanoi. The province aims to become a centrally-governed city by 2030 and a dynamic economic and cultural center of the Northern region, playing an important role in the Red River Delta.

Source: https://www.congluan.vn/bac-ninh-xin-y-kien-chap-thuan-chu-truong-dau-tu-khu-do-thi-45000-ty-dong-cua-tap-doan-vingroup-post320895.html