On March 21, the Department of Construction of Khanh Hoa province announced that it had notified all conditions for capital mobilization through investment cooperation and business cooperation of the Cam Ranh Bay Urban Area project.
The Cam Ranh Bay Urban Area Project is implemented by the Joint Venture of Cam Ranh Investment Joint Stock Company, Vinhomes Joint Stock Company and Vines Energy Solutions Joint Stock Company from the second quarter of 2023 to the first quarter of 2027.
This project has a total investment of VND 85,293 billion (excluding compensation and resettlement support costs). Of which, the investor's contributed capital is VND 12,943 billion, the remaining mobilized capital is VND 73,347 billion.
The scale of the project is up to 1,254 hectares, spread across many wards and communes of Cam Ranh city, including Cam Lap, Cam Thinh Dong, Ba Ngoi, Cam Linh, Cam Loi, Cam Thuan, Cam Phu, Cam Phuc Nam, Cam Phuc Bac and Cam Nghia.
The project is planned synchronously, including commercial housing areas, social housing - resettlement, commercial centers, schools, medical stations, markets, parks, resorts, golf courses and theme parks. The expected population is 230,779 people, with 8,500 townhouses, more than 10,000 villas and 19,816 social housing units.
In the notice of eligibility for capital mobilization of the Department of Construction of Khanh Hoa province, it is stated that the mobilization is through capital contribution, investment cooperation, and business cooperation according to the provisions of the Housing Law 2023. The mobilized capital is more than 14,700 billion VND to invest in the construction of works within the scope of the land allocation and land lease decision at the end of 2024 of Khanh Hoa Provincial People's Committee.
The responsibility of participants in capital contribution, investment cooperation, and business cooperation is only divided equally in cash or shares based on the capital contribution ratio as agreed in the contract according to the provisions of the 2023 Housing Law.
For the purpose of the consortium, capital mobilized for the project or for other purposes or purposes cannot be used; in case of misuse of mobilized capital or occupation of mobilized capital, the amount of money mobilized must be refunded in violation of regulations, compensation must be paid (if causing damage) and administrative sanctions must be imposed according to the provisions of the law on administrative sanctions or criminal prosecution must be prosecuted according to the provisions of law.
