Gary Tseng, CEO of Phu My Hung Development Co. Ltd., said the company is developing the Phu My Khang eco-urban cluster in the former Hoa Binh province, which is now part of Phu Tho following an administrative merger last July.

The project is expected to complete land-related financial obligations by the end of this year, Tseng said during a meeting with the Phu Tho delegation as part of an investment promotion program in Ho Chi Minh City last week.

The firm aims to begin selling project units next year, he added without revealing the investment of the project.

The Phu My Khang project is located adjacent to Dam Bai lake, which has a water surface area of around 300 hectares, and lies roughly 60 kilometers from central Hanoi. The development is planned as a multifunctional eco-urban area integrating tourism, resort facilities, healthcare services, entertainment, and cultural amenities.

Phu Tho provincial authorities urged the developer to maximize the natural advantages of the area, including the lake, surrounding mountain landscape, and nearby golf courses, while also focusing on high-end healthcare and wellness services aimed at affluent customers.

Local officials asked departments and agencies to shorten administrative procedures by 50% in an effort to allow construction to begin in the fourth quarter of this year.

Founded in 1993, Phu My Hung is a joint venture between Tan Thuan Industrial Promotion Co. (IPC), which owns 30%, and Taiwan’s Phu My Hung Asia Holdings (formerly CT&D Group). The developer is best known for building the Phu My Hung urban area in Ho Chi Minh City, considered Vietnam’s first large-scale model township project.

The company began expanding into northern Vietnam in April 2025 with the launch of Hong Hac City in Bac Ninh province, a 198-hectare urban project with total investment of around $1.1 billion.

The area has increasingly attracted eco-tourism and wellness projects, such as Wyndham Lynn Times Thanh Thuy, Apec Mandala Retreats Kim Boi, and Serena Kim Boi Resort.

Vinh Phuc, Hoa Binh and Phu Tho provinces were merged in July last year to form the new Phu Tho which borders Lao Cai, Ninh Binh, Son La, Thai Nguyen, Thanh Hoa, Tuyen Quang, and Hanoi.