The project was approved by the People’s Committee of Da Nang City in 2010 with a detailed 1/500 master plan for construction, with the investor being Joint Stock Company for Investment in Thuan Phuoc Bay Urban Area (abbreviated as Thuan Phuoc).
The history of the mega-project of reclaiming the sea
In 2017, the People’s Committee approved the adjusted master plan for construction detail of 1/500 of the new urban area of Thuan Phuoc, accordingly changing the project name from “urban, commercial and tourism area north of Man Quang Bay” to “Thuan Phuoc – Danang New Urban Area” project.
In the December 2023 decision of the City People’s Committee, the project was adjusted for the first time with an investment policy and the investor was also approved. Thuan Phuoc – Danang New Urban Area aims to invest in building an urban area with a synchronous technical infrastructure system, social infrastructure, commercial housing for sale or lease/lease-purchase, transfer/lease of land use rights in accordance with regulations, providing services and infrastructure utilities. serve the production, business, residential and entertainment activities within the project compound, forming a combination of residential and tourism services with full utilities, towards a modern and classy urban area.
The project is deployed on a total land area of 97.65ha belonging to Nại Hiên Đông and Tho Quang wards, Son Tra district, Da Nang city. The entire land area of the project has been granted Land Use Right Certificates by the Da Nang City People’s Committee to Thuan Phuoc Company for a period of 50 years. Of which, the land for building urban, commercial and service areas is 50,294m2 with a time limit of 50 years from May 10, 2011; 24.78 ha of production and business land since February 10, 2010; more than 67.8 ha of non-agricultural production and business land since February 10, 2010. The entire land area of the project is being updated and supplemented into the 2024 land use plan of Son Tra district. In which, defense land is 3,108m2, coastal water surface is over 49.8 ha, technical infrastructure works land is 6,934m2, and land near the project is about 46.2 ha.
The project’s scale includes a system of urban infrastructure works of 976,475m2, including a dike to respond to climate change; low-rise residential construction area of 344,195m2; high-rise residential construction area (apartments) of about 33,830m2; High-rise commercial service construction, hotel with an area of 38,653m2; theme park of 165,290m2…
The project’s items include 1,880 adjacent houses; 212 villas; 2 apartment buildings constructed on a planned area of 33,830m2 with 29 floors. Commercial services, public works include a 6-star hotel, 5 high-rise commercial service complexes, 1 theme park, 1 medical station; 1 cultural and sports center; 1 community house; 2 kindergartens; 1 elementary school; 1 secondary school; 1 border guard station. The population scale is 17,200 people.
 Land use status within the project scope
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Project terrain status
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Project location
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The project has 3 sides bordering the sea and the Han River estuary. The remaining side bordering the mainland is the SEA Thuan Phuoc project area. According to the plan, the project will be implemented in 2 phases. Phase 1 includes legal procedures for construction in Q4/2024, and the item of the dike to respond to climate change in Q1/2026. Phase 2 includes technical infrastructure of the urban area completed in Q1/2028; social infrastructure works completed in Q3/2030; villas and adjacent houses, theme parks, commercial service and hotel works completed in Q4/2030.
Total investment capital of the project is VND 11,494 billion (excluding land use rights costs); of which, charter capital contributed by the investor is VND 1,800 billion, and the remaining VND 9,694 billion will be mobilized from credit institutions.
Based on the progress of project implementation, the progress of reclamation must be completed before investing in the construction of technical infrastructure works. Therefore, the plan for land reclamation is expected to be completed in Q1/2027.
It is known that in the decision on the investment policy issued by the City People’s Committee in June 2021, the project of investing in the construction of technical infrastructure of Thuan Phuoc – Danang new urban area at that time had a total investment capital of only VND 1,508 billion. The implementation progress is 48 months, expected to be completed by June 2025. However, up to December 2023, the City People’s Committee has a decision to adjust the investment policy, including increasing the total investment capital to nearly VND 11,500 billion and the time for completion of the project to Q4/2030 as mentioned above.
Profile of Thuan Phuoc Company
Thuan Phuoc Company was established in 2009, headquartered at Danang Plaza building, 16 Tran Phu, Thach Thang ward, Hai Chau district, Da Nang city. According to an update in mid-2018, the company is chaired by Pham Dang Quan, and Mr. Cao Thai Hung as General Director. Mr. Hung used to be a member of the Board of Directors of Da Nang Housing Development and Investment Joint Stock Company (HNX: NDN) in the period 2015-June 2023. Meanwhile, Mr. Quan is the General Director of Phuong Trang Investment Joint Stock Company (Futa Corp); founding shareholder of Phuong Trang Taxi Joint Stock Company, Thuan Phuoc Bay Urban Investment Joint Stock Company, Thuan Phuoc P.V.C Joint Stock Company, Thuan Phuoc L.D Joint Stock Company, Han Ha Limited Company, Long An Steel Joint Stock Company…
In October 2018, the position of General Director was transferred to Mr. Truong Dinh Trung. In April 2020, the Company increased its charter capital from VND 235 billion to VND 1,800 billion.
In mid-2022, Thuan Phuoc Company merged with two enterprises, Thuan Phuoc P.V.C One-Member Limited Company and Thuan Phuoc L.D One-Member Limited Company.
It is known that Mr. Truong Dinh Trung is currently the Chairman of the Board of Directors of Kim Long Nam Joint Stock Company (Kim Long Nam Group). In addition, he also holds the position of Director in many other companies such as: Can Tho Transport Infrastructure Construction Joint Stock Company, Hoang Huy Commercial Investment Development Joint Stock Company, Nam Kim Long Can Tho Joint Stock Company, Kim Long Hue Industrial Park Infrastructure Investment One-Member Limited Company…
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