According to the data from the Ministry of Planning and Investment, from the beginning of 2023 to mid-February 2024, Long An has attracted investment for 9 projects with a total land area of nearly 2,769 hectares and a total investment capital of over VND 229 trillion, including 5 urban areas, 3 residential areas, and 1 infrastructure investment project at the Binh Hiep International Border Gate.
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List of 9 Long An investment projects attracted from the beginning of 2023 to mid-February 2024
* The only investor registered but has not been assessed for capacity and experience
** No investor registered
Source: Compiled
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Continuously attracting investment for “mega” projects
The largest investment project called for in Long An is the Phuoc Vinh Tay New Urban Area in Phuoc Vinh Tay commune, Can Giuoc district, announced in late December 2023.
The project has a total land area of nearly 1,100 hectares (equivalent to 0.24% of the total area of Long An province) with a total investment capital of nearly VND 90.8 trillion; of which the implementation cost is over VND 80 trillion, and the remaining compensation and resettlement support costs are nearly VND 11 trillion. The estimated population is about 89,960 people.
The expected output products include: commercial houses (rough handover), 15,244 land lots (7,050 row houses, 8,194 villas); 13,440 social housing apartment units; 2,370 low-rise resettlement houses. Implementation progress is 7 years from the date of investment approval.
At the end of the application deadline, there was only one consortium registered to participate in the project, which is the Vinhomes consortium (HOSE: VHM) – Vietnam Investment Group Corporation (HOSE: VIG). The reputation of the Vin business group is no longer unfamiliar with many famous urban areas under the Vinhomes brand nationwide.
Regarding VIG, it is a private company owned by billionaire Pham Nhat Vuong. In October 2023, the Company registered to buy more than 16 million VHM shares but failed to reach an agreement.
In 2024, Long An continues to find investors for another “mega” project, which is the Tan My New Urban Area in Tan My commune, Duc Hoa district, with a total area of nearly 931 hectares and a total investment capital of over VND 74.4 trillion, expected to be home to 80,969 people.
The types of dwellings include: 8,338 row houses; 4,755 villas; 7,049 social housing units. Specifically, about 129 low-rise resettlement houses are planned; 7,280 apartments; 384 low-rise resettlement houses.
The project implementation registration deadline is March 15, 2024.
Big players flock to Long An
Prior to directly joining the consortium to register for the implementation of the Phuoc Vinh Tay New Urban Area, Green City Development Joint Stock Company, a subsidiary of VHM, participated in another investment project worth tens of trillion dong in Long An in 2023, specifically the Hau Nghia – Duc Hoa New Urban Area.
The project has a total investment capital of nearly VND 28.3 trillion, a scale of 197.2 hectares, and a population of about 40,000. The project area falls within 3 localities including Hau Nghia town, Duc Lap Thuong commune, and Tan My commune of Duc Hoa district.
In October 2023, the People’s Committee of Long An province issued a decision approving Green City as the investor to implement the project.
In addition to VHM, Ecopark Group has also formed a consortium with DB Development and Investment Co., Ltd. and has been recognized as the investor of the ecological, commercial, and tourism urban area project in Thanh Phu commune, Ben Luc district.
This is a project with a land area of over 220 hectares, a total investment capital of nearly VND 17 trillion. The population scale is about 37,163 people. The land use plan for the project includes: new low-rise residential land of about 111.41 hectares (4,951 lots; maximum height of 5 floors); mixed high-rise residential land of about 5.84 hectares (4,300 apartments; maximum height of 45 floors); low-rise resettlement land of about 2.07 hectares (180 plots; maximum height of 5 floors).
Ecopark Group is a well-known investor in Vietnam with Ecopark Hung Yen urban area, one of the largest ecological urban areas in the North with a total area of nearly 500 hectares and an investment capital of nearly 10 billion USD. DB is the founding shareholder of Ecopark Group, which owned capital of over VND 5 trillion at June 30, 2023.
Long An aims to become a dynamic, efficient economic development center in the Southern region
Long An continuously attracts investment of billions of dong for urban areas in the context of the Provincial Planning Period of 2021-2030 and the vision to 2050 being approved by the Government in June 2023.
According to the Planning, the development target until 2030 of Long An province is to become a dynamic, efficient, and sustainable economic development center in the Southern region; to become a gateway on the urban-industrial economic corridor of the Mekong Delta; to connect with Ho Chi Minh City and the Southeast region; to become an important cooperation and trade hub with Cambodia.
The province aims to achieve an average annual Gross Regional Domestic Product (GRDP) growth rate of 9% in the period 2021-2030; the per capita GRDP (current prices) is over VND 180 million.
Compared to other “satellite” provinces of Ho Chi Minh City, Long An has the same GRDP and per capita GRDP targets as Binh Phuoc; but lower than both indexes compared to Tay Ninh (9.5% / year and per capita GRDP of VND 210 million), Binh Duong (10% / year and VND 387 million), Dong Nai (10% / year and VND 361 million).
For Vung Tau, this locality does not count petroleum, so the GRDP target is 8.1 – 8.6% / year, but in return, the per capita GRDP target reaches up to VND 497 million.
In addition, Long An aims to urbanize with a rate of 55% by 2030, higher than the rates of 53% in Tay Ninh and 50% in Binh Phuoc. However, Long An targets an annual increase in the average population of about 1%, while Binh Phuoc is 1.6%.
“One center, two economic corridors, three socio-economic regions, six driving forces”
To implement the above growth targets, Long An organizes economic and social activities according to the model of “one center, two economic corridors, three socio-economic regions, six driving forces”. Specifically, the province identifies Tan An City as the political-administrative-urban nucleus – the satellite city of Ho Chi Minh City.
Two economic corridors include:
Corridor along Belt Road 3 – 4: Along the Belt Road 3, Belt Road 4 of Ho Chi Minh City.
Southern development corridor: Along the inter-provincial dynamic axis from Ho Chi Minh City through Long An province to connect with Tien Giang province (via National Highway 50B).
Three socio-economic regions include: urban and industrial region; high-tech agriculture, tourism, and border economy region; ecological buffer zone.
In terms of transport infrastructure, the province plans to renovate and upgrade 53 existing provincial roads and construct 29 new provincial roads; prioritize upgrading and building routes: Provincial Road 827E, Duc Hoa dynamic axis, parallel road of National Highway 62, My Quy Tay – Luong Hoa – Binh Chanh dynamic axis, Tan Tap – Long Hau road.
At the same time, Long An will construct 2 new urban railway lines, including the Hung Nhon – Tan An line and the new Cần Giuộc bus station – Cần Đước line, to connect the central urban area with satellite cities. In addition, the province will build a dedicated railway connecting from the Ho Chi Minh City – Can Tho railway to the Hiệp Phước Port, passing through Ben Luc, Thu Thua, Tan Tru, Can Duoc, Can Giuoc districts, and further through Nha Be district, Ho Chi Minh City.
In 2024, Long An’s GRDP target is 8 – 8.5%, with a per capita GRDP of 105 – 110 million VND.
The People’s Committee of Long An province aims to develop 88,473 housing units with a total floor area of nearly 12.5 million m2. Specifically, there are 26,917 commercial houses with a floor area of nearly 7.9 million m2; 53,105 social housing units with a floor area of over 2.1 million m2; 1,086 resettlement houses with a floor area of 311,609 m2; 89 public housing units with a floor area of 2,263 m2; 7,276 self-built houses by residents with a floor area of over 2.1 million m2.
