Authorities in the northern port city of Haiphong, home to many FDI firms, have asked real estate developers to speed up the construction of urban area and industrial park projects by June next year.

City authorities ordered Trang Cat Urban Development Company to begin work on its 585-hectare urban area project in June of next year.

Trang Cat Urban Area in Haiphong City covers an area of 585 hectares and has an investment of VND11.30 trillion (USD484.60 million).

For the Trang Due 3 Industrial Park, Haiphong authorities also asked its investor Sai Gon-Hai Phong Industrial Park Corporation to accelerate the progress so the project can begin construction in May next year.

The industrial park covers an area of 687 hectares in An Lao District, with a total investment of VND10 trillion.

"In case these companies fail to ensure the progress as assigned without reasonable reasons, the Haiphong City People's Committee will consider withdrawing the projects,” city authorities said in a written document.

Both companies are subsidiaries of major real estate developer Kinh Bac City Development Holding Corporation, one of Vietnam's leading industrial real estate developers.