Aside from key public investment projects, many large-scale private housing projects are under construction. This is the basis to increase the value added (VA) of the construction industry in 2024.

The TTC Plaza Da Nang high-rise complex at 46 Dien Bien Phu is under construction. Photo: HOANG HIEP

In early January 2024, the Saigon Thuong Tin Real Estate JSC (TTC Land) and the Coteccons Construction JSC held a groundbreaking ceremony for the TTC Plaza Da Nang high-rise complex project at 46 Dien Bien Phu Street in Chinh Gian Ward, Thanh Khe District, opposite the March 29 Park. The project will feature two 18 story-plus-2 basement towers.

As planned, the project will be completed and put into operation in late 2025.

Most recently, the TTC Land and AeonMall Vietnam Co., Ltd. have signed a Memorandum of Understanding to build the Aeon Mall on 4 floors in the podium of the TTC Plaza Da Nang complex project.

At the plot of land with 3 frontages of extended Bach Dang, Binh Minh 4 and Tran Van Tru streets in Binh Thuan Ward, Hai Chau District, a number of motor vehicles and construction materials have been mobilised in preparation for the construction of the Da Nang LandMark Tower.

Developed by the Cosmo Housing JSC, the project will feature 31-storey and 39-storey buildings. It is expected to be put into operation in the fourth quarter of 2025.

Ms. Tran Kim Ngan, a representative of the Cosmo Housing JSC, remarked that once completed, the VND 1,600 billion project will not only create a highlight along both banks of the Han River but also contribute to the development of the city.

In 2023, the city has resolved difficulties and obstacles, creating conditions for seven investors to complete their financial obligations regarding land before granting licences to build parking garages as part of the Da Nang Times Square, an eco-tourism area on the peak of Ba Na Hill project, the Suoi Mo eco-tourism area at the foot of the Ba Na mountain, and the Anh Duong apartment complex in Hoa Quy- Dong No riverside urban area projects, and a number of hotel, commercial center, offices, tourist apartment (condotel) projects.

The implementation of many construction projects in Da Nang in 2024 will contribute to helping the city’s construction industry complete its annual VA target of VND3,800 billion, up 6.9% compared to 2023 (VND3,555 billion), as well as increase the growth rate of the city's Gross Regional Domestic Product (GRDP) against 2023.

According to the Da Nang Bureau of Statistics, the VA of the local construction industry in 2023 decreased by 8.36% against 2022 due to the saturated demand for housing construction, a hike in construction material prices, and the frozen real estate market.

In addition, the slow construction progress of some projects due to problems arising in land and site clearance procedures affected the development speed of the construction sector.

In January 2024, the retail and wholesale revenue of the wood and construction materials industries rose by 60.5% and 22.7% over the same period respectively.

The municipal Bureau of Statistics forecasts that the VA of the construction industry in 2024 will continue to increase in comparison with 2023.

​Reporting by HOANG HIEP - Translating by M.DUNG