Vietnam Travel Footprint Home | Sitemap 
Vietnam adventure tours
 
Vietnam Information
Country Profile
Vietnam Travel Tips
Travel News
More...
Vietnam Destinations
Hanoi
Hue
Saigon (HCM)
More... 
Vietnam Tours
Day Trips & Excursions
Package Travel
Adventure Tours
More... 
Vietnam Hotels & Resorts
Hotels in the South
Hotels in the North
Hotels in the Center
More...
Responsible Travel
Culture
Environment
Out and About
More...
Travel Newsletter
For the latest news, hotest deals and more... We treat
your email confidential!
  
  
Home »Vietnam Information » Vietnam Travel News »

Vinacapital pens deal on Da Nang tourist complex project

02/06/2006 (GMT+7) Vinacapital pens deal on Da Nang tourist complex project

Vinacapital, a British Virgin Island-based fund management company, has pledged to invest $150mil in a project on golf course and tourist complex in Da Nang City.

On June 1, Deputy Chairman of Da Nang City Peoples’ Committee Tran Van Minh and Vinacapital Director Don Lam, signed a memorandum of understanding (MOU) on the Hoa Hai golf course and sea tourism complex project. 

The project will cover an area of 260ha in Ngu Hanh Son district, which will consist of two sub-projects. The first one, 50ha of beachfront, will be a tourism complex and private villas for sale. The second project, is reserved for a 36-hole golf course, and more private villas for sale. 

As agreed in the MOU, the total investment capital of the project is $150mil, and in all cases, the lowest capital sum to be pumped must not be lower $100mil. 

Though this is just an MOU, the two sides have made strong commitment to the project. The investor paid a deposit of $3mil on the project immediately after the MOU was signed (the investor has to pay $29mil for land leasing for 50 years). A further $12mil will be paid after the contract on land lease is signed and the investment license is granted. The remaining sum of $14mil will be paid over a 20 year period from the day the city authority officially allocates the cleared land. 

The investor is obliged to complete necessary procedures for investment license application within six months of the MOU signing. Six months after the investor obtains the land, it must have begun the construction. The MOU also stipulates that the investor must put the project into operation within 24-36 months. If Vinacapital does not fulfil these points on schedule, it will lose its $3mil deposit. 

The Da Nang authorities pledged to complete site clearance and allocate land to the investor within nine months of the investor making the second payment. If allocation is delayed, the authority will have to pay a fine. The city has also committed to providing standardised infrastructure, and offers the highest levels of investment incentives allowed by law. 

Observers believe that this is for the first time a foreign invested project has shown such strong commitment, and believe this will ensure the success of the project. Several licensed tourist projects have been pending as investors have held off on project initiation. 

Vinacapital also donated VND210mil to support victims of Typhoon Chanchu. 

The two sides have also begun negotiations on a 7-ha trade centre, hotel and office building project, planned for Bach Dang Dong Street, along the Han River.

(source Vietnamnet)

Vinacapital pens deal on Da Nang tourist complex project (02/06/2006)
Da Nang: cruise ships bring 3,000 in May (02/06/2006)
Hue Festival to feature 100-neck shirt (26/05/2006)
Hue Festival highlights royal music of three countries (24/05/2006)
Foreign art troupes to perform at Hue Festival 2006 (21/05/2006)
Bai Tu Long National Park restores biological diversity (21/05/2006)
Ha Long tourism: want for improvement (17/05/2006)
Ham Tien – Mui Ne oil pollution unsolved (17/05/2006)
VN Airlines offers more domestic flights (17/05/2006)
Vietnam to open tourism offices abroad (17/05/2006)
Ca Mau airport terminal to be upgraded (17/05/2006)
Spill hits Binh Thuan beaches (15/05/2006)
Picturesque Lak lake (14/05/2006)
Song Ngu Island in Cua Lo (14/05/2006)
Picnicking at Giang Dien Waterfall (12/05/2006)
Biggest and best - records at Dam Sen Park (12/05/2006)
Three typical court ceremonies at Hue Festival 2006 (03/05/2006)
New tourism season begins across Vietnam (03/05/2006)
Ben Tre - famous for orchards and... (03/05/2006)
Tourist train from HCM City to Phan Thiet begins (03/05/2006)
Sa Pa tourists walk on the clouds (24/04/2006)
  Responsible Travel | Vietnam hotels | Travel Pictures | Destinations | Travel Maps | FAQs | Links  
   Footprint Travel ® Copyright 1999 -
Travel to Vietnam: Vietnam Tourism 

AdministrationPATAResponsible travelTrust Earned Travel
   Privacy & Disclaimers applied