Hoa Phat Group has been given approval to invest in a project to build and trade infrastructure of Yen My II Industrial Park expansion in the northern province of Hung Yen.

The project has a scale of 216 ha with a total estimated investment of more than VND2.68 trillion (US$116.5 million).

According to Decision No 650/QD-TTg, Yen My II Industrial Park expansion project will be implemented in Trung Hung commune, Trung Hoa commune and Yen My town, Yen My district, Hung Yen province by Hoa Phat Hung Yen Industrial Park Infrastructure Development Company Limited.

Yen My II Industrial Park is planned to attract investment in clean production sectors and industries with little impact on the environment such as electrical, electronic and refrigeration equipment manufacturing, products from new technology; mechanical engineering, machinery and equipment, production of consumer goods (excluding projects in the textile and garment industry, leather shoes, agricultural products and food processing).

Currently, the group's real estate sector includes construction and trading of technical infrastructure of industrial parks and housing and urban projects.

The revenue from its industrial real estate segment reached nearly VND980 billion, an increase of 83 per cent compared to 2020.

The group is expected to reach over VND1.6 trillion in revenue from the real estate sector, of which VND1.5 trillion from leasing industrial infrastructure. — VNS

Vo said: “Viet Nam should not repair buildings that have expired but need to be demolished and rebuilt. If we let people use the apartment permanently, we will again fall into the state of old and dilapidated dormitory buildings.”

Owning an apartment with a term would solve many conflicts and obstacles for urban development as well as the real estate market, he added.

“To avoid shocking people, we need to propagate and build apartment culture. The shelf life of each apartment should only be 50 – 70 years depending on the construction quality of each project. Even mini-apartments need to be put into the framework and used for a limited time,” he said. — VNS