The Long An Provincial People’s Committee has decided on Vingroup’s Green City Development Joint Stock Company as the investor of the Hau Nghia - Duc Hoa new urban area project, which has total investment capital of an estimated VND28 trillion ($1.15 billion).

Green City will contribute 15 per cent of capital, with the remainder to be mobilized from other sources.

The project is located in Hau Nghia town and Lap Thuong and Tan My communes in Duc Hoa district in the Mekong Delta province, on an area of more than 197 ha.

Under planning, 517 villas, 4,510 commercial sites and shophouses, and 491 land lots for resettlement purposes, including five lots for 25-story blocks and five lots for social housing, will be built for an estimated population of 40,000.

The new urban area is located close to National Road No. N2, Ho Chi Minh City’s Ring Road No. 4, and some provincial roads.

The project will be implemented over six years, with approval coming from the Provincial People’s Committee’s for the investor to operate the project for 50 years.