Trungnam-KITA venture wins initial approval for Danang infrastructure project
The project requires more than ₫3.35 trillion, while the partners are also collaborating on an urban development and proposing a tourism complex.
A joint venture between Trungnam JSC and KITA Group has received in-principle approval from the Danang People's Committee for an infrastructure development requiring more than ₫3.35 trillion. The committee also approved the venture, FTZ KITA Trungnam Co., Ltd., as the project's investor.
The approximately 154-hectare site lies in Ba Na commune, within Functional Zone No. 6 of the Danang Free Trade Zone. Plans include technical infrastructure, developed plots for lease, and facilities serving commerce and services. Operations are authorised for 70 years, starting with the state's land-lease decision.
The investor intends to start infrastructure work in 2027 on land eligible for construction, with completion targeted for 2029's fourth quarter. Equity funding will provide ₫800 billion; more than ₫2.55 trillion is expected through borrowing from credit institutions and other legally permitted funding sources.
Formed in late July 2026, the venture has Trungnam JSC as its 70% shareholder and KITA Group holding 30%. Their collaboration also includes Golden Hills, where development restarted in early October with KITA as developer and Trungnam continuing as investor.
Now marketed as KITA Danera Bay, that urban project spans more than 335 hectares. Planning, land and investment-procedure problems had delayed it for over a decade. A July 2026 approval raised planned investment to nearly ₫15.5 trillion from approximately ₫4.4 trillion, revised the timetable and expanded land designated for social infrastructure.
The partners are also pursuing tourism and entertainment plans. FTZ KITA Trungnam outlined its Ocean Heart concept to municipal officials on October 8. Proposed as the centrepiece of Ocean Seven - Danang, the complex would offer entertainment, artistic performances and nighttime activities.
