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On May 2, 2026, information from the Haiphong City Department of Construction said the Vu Yen Island commercial housing project, led by Vingroup JSC, is allowed to mobilize up to 36 trillion dong from organizations and individuals through various investment cooperation forms.
In December 2025, the Hai Phong Economic Zone Management Board approved the investment policy for the Vu Yen Island commercial housing project (Thuỷ Nguyên ward, Hai Phong). The project covers an area of over 47.2 hectares with total investment of over 44 trillion dong. The project has a 50-year operating term from the date the Hai Phong City People’s Committee issues the land allocation or leasing decision.
Under the planning, more than 21.5 hectares are allocated for mixed-use residential buildings, more than 6.1 hectares for technical infrastructure and internal traffic, and nearly 19.6 hectares for green parks.
Within the commercial housing development area, the project is expected to build 32 residential blocks ranging from 8 to 30 floors. This includes:
Total construction floor area is over 1.219 million m2, including over 1 million m2 of housing; over 85,734 m2 of public and commercial space; and about 407,210 m2 of basement space. The project is estimated to deliver 15,000 apartment units.
Vingroup JSC was the winning bidder for the land-use rights to implement the project, with a winning bid value of over 4.841 trillion dong. The project is expected to commence operation from 2028.
The Haiphong Department of Construction said the project has been granted an investment registration certificate and the investor has fulfilled financial obligations. In accordance with the Housing Law and Government Decree 95/2024/ND-CP dated July 24, 2024, the housing development project on auctioned land on Vu Yen Island, led by Vingroup – JSC, meets conditions for mobilizing investment capital (capital contribution, investment cooperation, business cooperation, joint venture, and linkage with organizations and individuals) with total mobilized capital of 36 trillion dong.
The period of mobilization will follow the project’s implementation progress.
The Haiphong Department of Construction requires the project investor to use mobilized capital strictly for housing construction within the project. If misused or embezzled, the investor must return the misused funds in accordance with regulations, compensate (if damage occurs), and be subject to penalties according to regulations.
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