The firm last week met Quang Ninh provincial leaders to propose a $3 billion project in the Van Don Economic Zone, which would cover Van Don Island and represent the province’s biggest investment project.
The project includes a five-star hotel and casino complex with around 2,000 rooms, a golf course, an international convention centre, a horse-racing track, a high-rise apartment building and an entertainment park.
“If Emerging Market Group’s project is developed, it will be a strong gravitational force to lure more tourists and investors to the province,” said the provincial People’s Committee vice chairwoman Nhu Thi Hong Lien.
The investor must provide further project details by the middle of next month and submit an investment plan, including environment impact assessment to the province. The project will then be submitted to the government for approval.
“They (representatives of Emerging Market Group) have just given us a proposal and we would like to learn more about the project feasibility as well as the investor’s ability,” said Lien.
Quang Ninh is home to the world-famous Halong Bay and is already a popular northern Vietnam tourist destination. However, the province has not yet sucessfully attracted giant tourism projects as central and southern areas like Danang city, Quang Nam, Ba Ria-Vung Tau and Khanh Hoa provinces remain preferable destinations for foreign investors.
Last year, United Arab Emirates’ Limitless, a business unit of Dubai World, signed a memorandum of understanding with Quang Ninh People’s Committee to develop the Mac Dynasty Lagoon project. But, the project is in limbo after Dubai World’s publicised financial troubles.
Lien said several other investors were interested in developing large projects in the Van Don Economic Zone. Another American company, Rockingham Asset Management LLC, last October submitted Quang Ninh People’s Committee an investment plan for an airport project. Under the proposal, the airport will have total investment capital of around $1.2 billion and the construction will be implemented since 2010 to 2030.
Rockingham Asset Management will develop the airport project under build-operate-transfer investment form. The first phase of Van Don airport could be put into operation in 2014.
Source: Vietnam Investment Review