A bright spot in Da Nang’s socio-economic picture in 2024 is that many large-scale real estate projects have been licensed for construction, started construction or already implemented, contributing to the impressive growth of the added production value of the construction industry by 11.28% compared to 2023, especially that of all types of houses dramatically climbed up by 19.51%, contributing mainly to the growth of the entire construction industry.

The artist's impression of the Sun Cosmo Residence project. Photo: Sun Group

The Sun Cosmo Residence on the east side of Tran Thi Ly Bridge in Ngu Hanh Son and Son Tra districts is a real estate project and serves tourists, with a large investment scale. This project has recorded a fast construction progress, with an average investment capital of about VND50 billion /month.

After one year of construction, the investor and the project contractor recently held a topping-out ceremony for two buildings B4.1 (3 basements, 33 floors) and B4.2 (3 basements, 28 floors) in the The Panoma high-rise subdivision.

Mr. Nguyen Chi Thien, the representative of the project contractor, said that the team of engineers and thousands of workers have worked hard to complete the construction of the two buildings B4.1 and B4.2 on schedule. These two buildings will be put into operation soon. and in the future becoming development symbols of the city.

In addition, a number of large-scale real estate projects such as:Sun Symphony Residence, Da Nang Landmark Tower, low-rise housing component project of Tuyen Son Housing and Service Are  and many other projects are also under construction at a rapid pace.

The city’s authorities have made efforts to promote public investment projects, actively speed up disbursement and remove bottlenecks in the investment sector, thereby supporting housing construction projects and civil engineering works to accelerate progress and increase implementation value.

The total production value of the construction industry in 2024 at current prices reached VND 25,611 billion, the added value (VA) of the entire construction industry in 2024 grew quite impressively with an increase of 11.28% compared to 2023, contributing 0.61 percentage points to the overall added value growth of the entire economy.

In particular, the production value in the construction of housing units of all kinds increased dramatically at 19.51%, contributing mainly to the growth of the entire construction industry.

Director of the Da Nang Department of Construction Phung Phu Phong said that in order to achieve the above-mentioned impressive results, the city directed specialized agencies to actively review and proactively coordinate with ministries and national agencies to propose effective solutions to remove difficulties and obstacles  currently facing large projects across the city.

The work of establishing zoning plans made many breakthroughs with the Da Nang People's Committee completing the approval of the entire planning of 9 urban zoning areas and a number of zones for the construction of key, dynamic functional areas, creating an important basis for removing all obstacles in investment projects, creating favourable conditions for investment projects to complete legal procedures and implement construction in the past time. At the same time, it was the basis for implementing investment in new projects, contributing to promoting the disbursement of public investment capital, unblocking investment resources, and promoting economic growth as well.

“In 2025 and the following years, the city’s construction industry will continue to strive to carry out key political tasks, remove difficulties and obstacles facing projects and land use, and ensure construction and planning management in order to create a favourable and transparent investment and business environment, contributing to the city’s strong socio-economic development”, Mr. Phong emphasised.

Reporting by HOANG HIEP - Translating by A.THU