A consortium of Phu Quoc Sun Co. and Ha Long Sun Co. will implement the Dam Mon and Tu Bong projects under 50-year land leases, Khanh Hoa's Industrial Parks and Economic Zones Authority stated in a decision issued on Wednesday.

The Dam Mon project, valued at VND26 trillion ($985 million), spans 1,440 hectares in Dai Lanh commune within the Van Phong Economic Zone.

It will house about 28,500 residents with nearly 800 terraced houses, 600 villas, 860 apartments, 350 social housing units, and associated public infrastructure. Work is scheduled from Q2/2025 through Q4/2034.

The larger Tu Bong project, estimated at more than VND43 trillion ($1.63 billion), will cover 2,579 hectares across Van Thang, Tu Bong and Dai Lanh communes.

Designed for 74,700 residents, it will include over 1,000 terraced houses, 600 villas, 3,800 apartments and 1,100 social housing units, along with resort and public facilities. Completion is also targeted by late 2034.

Phu Quoc Sun Co. operates the Hon Thom cable car and entertainment complex in the resort island of Phu Quoc, while Ha Long Sun Co. is the developer of the Sun World Ha Long tourism-recreation complex in the northern province of Quang Ninh.

Van Phong EZ spans 150,000 hectares and is divided into 19 functional subzones. So far, it has attracted 155 investment projects, including 131 domestic and 24 foreign ones, with total registered capital of around $5.4 billion, according to local authorities.