Work starts on $105m residence project in Hai Phong

Financed by the Japan-invested Minato Vietnam Ltd Co, the Minato Residence project covers 1.26ha in Le Chan District. It will include two buildings with about 930 apartments and a trade centre.

Once operational, the project is expected to help meet the rising demand for housing and shopping of local people and foreigners working in the city, the investor said.

In his speech at the groundbreaking ceremony, the municipal People’s Committee Chairman Nguyen Van Tung said Hai Phong is home to many large domestic and international investors.

Businesses from 38 countries and territories have pumped investment funds into the city with 642 projects capitalised at more than $17 billion.

Of them, Japanese firms took the lead in number of projects and rank second in level of capital with 142 projects valued at nearly $5 billion.