This symbolic undertaking marks the 50^th anniversary of Danang’s Liberation Day on March 29.

The project is invested by Thuan Phuoc Bay Urban Investment JSC, with FUTA Land Real Estate JSC as the developer.

According to the investor, it will cover an area exceeding 97.6 hectares.

The groundbreaking ceremony on March 21. Photo: Thanh Chung

The smart urban area will fully integrate high-class utilities for housing, commerce, services, entertainment, culture, and tourism.

Thuan Phuoc New Urban Area will encompass diverse functional sub-areas including low-rise and high-rise residential blocks with villas, shophouses, luxury apartments, and modern commercial townhouses. I will also feature a commercial centre, 5-6 star hotels, an international convention centre, and shopping, culinary, entertainment areas with pedestrian streets and 16.5 ha of parkland.

Speaking at the ceremony, Truong Dinh Trung, general director of Thuan Phuoc Bay Urban Investment JSC, noted the area will have vast green spaces, employing modern technologies to minimise environmental impacts while adapting to climate change.

“This urban area will be architecturally beautiful and a pioneer in smart, modern and environmentally friendly urban areas. By optimising design, applying green technology, and using sustainable materials, we aim for long-term urban development, where nature and people live in harmony.

“We are committed to implementing the development on schedule, ensuring top quality so that Thuan Phuoc New Urban Area will soon become a vibrant centre and a go-to destination,” Trung said.

Delegates at the groundbreaking ceremony. Photo: Thanh Chung

Le Quang Nam, Vice Chairman of Danang People’s Committee, said that to turn Danang into an international financial, commercial, service, and tourism centre, the city has been promoting infrastructure and attracting strategic projects, especially modern, smart, and sustainable urban areas, opening a new era for Danang’s development.

“Thuan Phuoc New Urban Area will be an ideal place to live and an attractive tourist, entertainment, and commercial destination, contributing to putting Danang on the global and regional map. I believe that with the enthusiasm and strategic vision of the investor as well as the support of consulting, design, and construction units, the project will become a new symbol of Danang, contributing to the city’s overall development,” Nam said.

The company has signed a 15-year charter agreement for two additional Very Large Ethane Carriers (VLECs) to transport ethane from the Untied States to Vietnam, bringing the total to five vessels as planned, and securing long-term transportation of one million tonnes of ethane per year.

SCGC has reaffirmed its commitment to accelerating the project, confident that using ethane as an alternative feedstock will enhance LSP’s cost competitiveness while being more environmentally friendly by reducing greenhouse gas emissions. The project is expected to be completed by the end of 2027, aligning with the anticipated recovery of the petrochemical market in the region.

Sakchai Patiparnpreechavud, CEO and president of SCGC, said, “SCGC has signed a long-term time charter agreement for two additional VLECs with Mitsui O.S.K. Lines, Ltd. (MOL), a global liquified natural gas carriers’ shipowner, through its subsidiaries. This agreement increases the total fleet to five vessels, following the initial three secured in January 2025. Under the agreement, MOL group will transport ethane from the US to Vietnam for 15 years. The expansion of the VLECs fleet aligns with the LSP’s supply chain strategy to boost operational efficiency and reduce long-term transportation risks.”

The ethane supply chain for the LSP plant is now fully established, comprising the ethane supply agreement and export terminal; time charter agreements for five VLECs; and the engineering, procurement, and construction of feedstock storage facilities specifically designed for ethane. The company has now completed all these steps and is ready to accelerate to the next phase.

“The project has an estimated investment of approximately $500 million sourced from SCG’s internal funding, with the majority allocated to feedstock storage tanks construction. The plant was already designed with gas feedstock flexibility, allowing us to immediately modify the plant to receive ethane as a feedstock. The LSP plant in Vietnam is the first in ASEAN to utilise ethane from the US as a feedstock, which will significantly reduce costs by over 30 per cent compared to current naphtha prices,” Patiparnpreechavud noted.