Sizeable wholesale market greenlit for investment study in Danang
13:27 | 20/07/2021 Print Article
The central city of Danang has approved the VND800 billion ($34.8 million) Hoa Phuoc wholesale market project to look for an appropriate investment scheme.
|The Hoa Cuong wholesale market is currently overloaded and causing traffic jams |
A recent meeting of top leaders in Danang have agreed to the proposal of the local Department of Planning and Investment (DPI) on allowing privately-held company Proton Co., Ltd. – a member of World Union of Wholesale Market that covers a network of more than 3,000 active wholesale markets in 46 countries – to study the planning and invest in the Hoa Phuoc wholesale market project in Hoa Vang district.
|Hoa Phuoc wholesale market would help distribute agricultural products and food from the central and Central Highlands regions to Danang's residents. |
Initially approved in 2016, the Hoa Phuoc wholesale market project has a total land area of 309,299 square metres with a total investment of more than VND817 billion ($35.5 million).
Approved to run under the private-public partnership (PPP) form in 2019, the project was halted by Danang People's Council due to a clash with the Law on PPP Investment that came into effect on January 1 this year.
The new law stipulates that commercial infrastructure projects cannot be constructed under the PPP format, prompting the province to study an appropriate alternative investment form for the Hoa Phuoc wholesale market.
The Hoa Phuoc wholesale market is a key project to alleviate overload at the Hoa Cuong wholesale market and traffic jams in the inner city area. It would also help distribute agricultural products and food from the central and Central Highlands regions to Danang's residents.