In addition, Ha Tinh People’s Committee will collaborate with Vingroup to kick off the construction of Vinhomes Vung Ang IP in late 2024.

The moves were discussed at a meeting of Ha Tinh People's Council in early August to analyse the socioeconomic situation in the first half of the year and set out directions for the rest of 2024.

In mid-July, Deputy Prime Minister Tran Hong Ha approved a Vinhomes investment proposal for a new IP in Ky Anh town, at a cost of $528 million.

The project, named Vinhomes Vung Ang IP, is spearheaded by Vinhomes IP Investment Corporation, a subsidiary of Vingroup, holding a 69.34 per cent stake. Covering nearly 965 hectares in Vung Ang Economic Zone, the project is expected to be completed by the end of Q4/2030, with an operational lifespan of 70 years. The investor's equity contribution is close to $80 million.

At the Vung Ang 2 thermal power plant, which is backed by Vung Ang II Thermal Power LLC - a foreign-owned company combining KEPCO, Mitsubishi, and another Japanese company - construction has currently reached nearly 80 per cent of the workload. By the end of the year, the workload is expected to increase to 85 per cent.

Construction of a new VSIP, funded by Becamex IDC, was started in late June. The first phase of the scheme covers 190ha in Thach Ha district and will cost $60.8 million.