The People's Committee of northern Bac Ninh Province has officially approved the investment policy for Bac Ninh City's Northwest New Urban Area Project (Zone 1) in Hoa Long Ward, reported Radio the Voice of Vietnam.

Investor selection will be conducted through a bidding process, following the legal guidelines on bidding procedures. The selection is anticipated to commence in March 2025.

The new urban area project encompasses approximately 277 ha of land. The planned land use includes 60.5 ha designated for residential areas, 98.9 ha for social infrastructure, 11.5 ha for green spaces, and 69.7 ha for transport infrastructure.

The project's total investment capital is estimated at VND41.27 trillion (over $1.6 billion). The entire project timeline is projected to span seven years from the date the investor is chosen, with the first year dedicated to investment preparation and the remaining six years allocated for project execution.