The project is an economic zone featuring a residential area, a casino, financial centers, racetracks, and golf courses.

Previously, our website covered the idea of building an island in Da Nang similar to the ultra-modern island in Dubai in this article. Now it's time for the first step in the project's development. A group of investors has submitted a proposal to build this island worth $8,000,000,000, which includes all costs for creating a second "Dubai".

Speaking of specific companies, Pavilion Group, Bamboo Capital Group, and the partially state-owned Vietnamese company Danafood are taking part in this proposal.

It is planned to build the "Lotus Island" in Da Nang Bay, which will include an economic zone with developed residential infrastructure, a casino, high-rise buildings, golf courses, duty-free retail outlets, and even a Formula 1 racetrack.

According to the CEO of the Vietnamese company Danafood, accommodating the island in the water area will require about 1,400 hectares, provided that the miracle island is located 1 km from the coast and connected by a bridge.

Municipal structures unanimously approved the investment proposal. Of course, some adjustments were made to the project plan, and potential issues were highlighted, including the question of the island's disharmony with the city and building heights.

Local officials noted that national defense issues certainly have an impact on the project. In this case, it is important to obtain permission to launch the project from the Ministry of Defense of Vietnam. The complexity lies in the fact that the island will occupy rather impressive water areas.

The issue of the project's potential environmental impact on the environment, currents, and marine life was also voiced and considered.

So far, there is not enough information about the project for the plan to be submitted for consideration to the Prime Minister. However, the Da Nang Administration expressed support for the investors' proposal.