Many projects have been "suspended" for decades, causing a waste of "golden" land.

These “suspended” projects are located on “golden” land plots of Hai Chau district, right in the center of Da Nang city, causing a waste of land resources. Recently, the People’s Committee of Da Nang city issued a document directing departments and branches to coordinate, urge and request project investors to urgently implement and commit to a roadmap for implementation in accordance with legal regulations.

The Department of Planning and Investment of Da Nang has issued Official Dispatch No. 2780/SKHDT-DN dated September 15, 2023 to the People's Committee of Da Nang City regarding the handling of difficulties of a number of projects in the city center; including a specific report and proposed handling direction for the above 3 projects.

According to this document, since 2008, the People's Committee of Da Nang City has granted the Investment Certificate for the Da Nang Center project (No. 80 Phan Chau Trinh, Hai Chau District) to the investor, Vu Chau Long Real Estate Joint Stock Company. The project has a total area of ​​7,878 m2 with a total registered capital of 498 billion VND, aiming to build and operate a high-end apartment complex, a commercial center, a hotel, a conference center, etc.

The Da Nang Center project started construction in March 2008, completed the barrett wall and bored piles, but the investor did not continue the project. In 2016, the investor requested to extend the project schedule and the city government approved the extension for 24 months, until October 2018. Currently, the project has been announced to be terminated by the authorities.

Another project is the Vien Dong Meridian Trade Center, Office, Hotel, Luxury Apartment (No. 84 Hung Vuong, Hai Chau District) which was granted an investment certificate by the People's Committee of Da Nang City to Vien Dong Vietnam Real Estate Joint Stock Company in 2007 with a land area of ​​over 11,000 m2. However, the investor did not implement the project afterwards.

In 2016, the Da Nang City government approved a 24-month extension of the project's progress, until October 2018. In 2019, the Da Nang City People's Committee allowed the investor to transfer land use rights and assets attached to the land to a new investor to continue implementing the project.

Currently, the above land has transferred the land use rights and assets on the land to the new investor, Kinh Bac - Da Nang Investment Company Limited, to implement the new project. However, according to the land use rights certificate, this is a commercial and service land, so the city government requires the new investor to adjust the planning of Area D - Luxury Apartments before implementing the investment and construction.

Located opposite the above project is the Golden Square high-end commercial complex, hotel office, high-end apartment project (Nguyen Chi Thanh Street, Hai Chau District) which has also been "suspended" by the investor, Dong A Real Estate Joint Stock Company, for decades. This project was granted an investment certificate in 2008 on a production and business land area of ​​over 10,600 m2. After building 2 basements and 4 upper floors, the project was suspended, becoming a bare reinforced concrete block in the center of Da Nang city.

In 2017, the People's Committee of Da Nang City extended the land use period for the project by 24 months. In 2019, after Dong A Real Estate Joint Stock Company requested to transfer the entire project, the city decided to allow the company to terminate the project and transfer the land and assets to a new investor.

However, up to now, Dong A Real Estate Joint Stock Company has not yet completed the procedures for asset auction and project transfer according to regulations. In March 2023, the Department of Planning and Investment of Da Nang City announced the termination of the project and requested the City People's Committee to handle the recovery of project land according to regulations.

According to Director of the Department of Construction of Da Nang City Phung Phu Phong, since October 2023, the department has coordinated to collect opinions from relevant units, synthesize reports to the City People's Committee on long-term projects, including the above 3 projects. Currently, at the projects of Vien Dong Meridian Tower and Golden Square, the Department of Planning and Investment of the city has announced the termination of operations.

The Department of Construction of Da Nang City is continuing to coordinate with the Department of Planning and Investment to guide related investment procedures; contact and work with investors to promptly implement the project and commit to the implementation roadmap according to the direction of the People's Committee of Da Nang City.