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The channel is expected to lower logistics costs and attract further investment to central Da Nang city and the wider central region.

Central Da Nang city's authorities have approved the VND7.585 trillion ($288 million) investment project to develop the Cua Lo shipping channel.

The project will involve constructing a 6.58km navigation channel, with a width of 140 metres and a design depth of 13.2 metres.

It will also include a maritime signalling system and a pilot boarding and disembarking area capable of accommodating vessels of up to 50,000 DWT.

The development is expected to improve maritime access to the East Sea for the Central Highlands, southern Laos, northeastern Cambodia and Thailand. It will directly serve Chu Lai Open Economic Zone and surrounding areas, while supporting economic restructuring in Da Nang.

Cargo throughput along the route is projected to reach 7.5–9 million tons annually by 2030, 14 million tons by 2040 and 22 million tons by 2050.

The project will be implemented under a build-transfer (BT) contract. Construction is scheduled to run from the fourth quarter of 2026 to the fourth quarter of 2028.

Once operational, the channel is expected to lower logistics costs and attract further investment to southern Da Nang and the wider central region.

Vietnam's National Assembly has set a target of at least 10% economic growth in 2027, with GDP per capita expected to reach approximately US$6,100.

The legislature passed a resolution on the country's 2027 socio-economic development plan on Saturday, with more than 93.4% of lawmakers voting in favor.

Under the resolution, Vietnam aims to achieve economic growth of at least 10% next year while keeping inflation at around 4.5%.

The resolution calls on the government to continue prioritizing growth while maintaining macroeconomic stability, controlling inflation and ensuring major economic balances.

The government is also tasked with making breakthroughs in mobilizing and efficiently allocating resources for development. Measures include increasing state budget revenue, cutting expenditure, particularly recurrent spending, issuing various types of bonds and securing official development assistance (ODA) loans.

It must also promptly implement policies to raise foreign ownership limits in industries and sectors that do not affect national security.

The National Assembly urged the government to manage interest and exchange rates in line with domestic and international conditions, lower lending rates and direct credit toward production, business activities and priority sectors.

The government is also expected to introduce effective measures to address trade deficit, develop a healthy and sustainable real estate market, and resolve long-standing stalled projects.

To ensure energy security, the resolution requires the government to guarantee sufficient supplies of electricity and petroleum products under all circumstances.

On infrastructure, the government is tasked with completing the expressway network in line with approved plans, particularly the eastern and western sections of the North-South Expressway and East-West transport corridors.

It must also accelerate major national railway projects, including the Lao Cai-Hanoi-Hai Phong railway, the North-South high-speed railway, international rail connections and urban railway networks.

The resolution calls for faster progress on two major airport projects: Long Thanh International Airport in Dong Nai, about 40 kilometers east of Ho Chi Minh City, and Gia Binh International Airport in Bac Ninh Province, 40 km east of central Hanoi.

Long Thanh is being developed to ease pressure on HCMC's Tan Son Nhat International Airport and eventually handle 100 million passengers annually. Gia Binh is planned as a major aviation gateway for northern Vietnam, serving passenger and cargo transport, international transit and aircraft maintenance.

In the energy sector, the National Assembly requires the government to develop a national energy reserve strategy and accelerate planned power generation, transmission grid and solar power projects.

It also urged authorities to firmly address the trend of localities pursuing airport, seaport, data center and free trade zone investments without proper planning, warning against wasteful spending.

Vietnamese property developer MIK Group has broken ground on The Harbor Skyline, a nearly 50-hectare high-rise residential development on Vu Yen island in Hai Phong, marking the debut of its I Series apartment brand in the northern port city.

The groundbreaking ceremony took place on Wednesday, and the developer has not disclosed further details on its total investment or construction schedule.

The launch also marks MIK Group's expansion into Hai Phong with its I Series, a premium apartment brand that has become a core part of the company's high-rise residential portfolio.

MIK Group develops two main apartment lines, M Series and I Series, targeting different market segments and housing needs. I Series includes projects such as Imperia Smart City, Imperia Signature Co Loa, Imperia Ocean City, Imperia Sky Park, and Imperia Sensa Park.

The line accounts for an estimated 70-80% of MIK Group's total high-rise apartment portfolio. The company has brought around 17,000 I Series apartments to market and plans to develop a further 200,000 units in the coming years.

A company representative described Hai Phong as the next step in MIK Group's expansion. The city, home to LG's Vietnam plant, is one of the region's major economic hubs, supported by industrial manufacturing, seaport operations and logistics.

Major developers intensify competition in Hai Phong

MIK Group's entry comes as Hai Phong's real estate market becomes increasingly crowded with large developers seeking to secure land and establish a presence across residential, commercial and resort segments.

Vingroup has established a substantial footprint through projects including the 877-hectare Vinhomes Royal Island on Vu Yen island, Vinhomes Duong Kinh, and the Happy Home Trang Cat social housing development.

Local developer Hoang Huy Group has built a strong position through projects such as Hoang Huy New City and Hoang Huy Green River in Thuy Nguyen.

DOJI Land entered the high-rise market with developments including Diamond Crown Hai Phong and Golden Crown Hai Phong, while Masterise Homes is targeting the premium apartment segment, particularly in Thuy Nguyen.

Other developers are expanding their presence through large-scale urban and resort developments. Van Phu Invest is developing the 30-hectare Vlasta Thuy Nguyen project, while Geleximco is behind the 480-hectare Dragon Ocean international tourism area in Do Son. BRG Group is developing the 350-hectare Ruby Coastal City resort township.

The growing presence of these developers reflects Hai Phong's appeal as an investment destination, supported by its industrial base, port infrastructure, and expanding urban economy.