Canadian ACDL Group to Build US$4.2 Bln Resort in Southern Vietnam
The Canada-based ACDL Group has been licensed to build a tourist complex worth US$4.2 billion in the southern province of Ba Ria-Vung Tau, a provincial official said.
To cover 160 hectares in Phuoc Thuan Commune in Xuyen Moc District, the Asian Coast will house a resort area, an international conference & exhibition area, shopping hall, restaurant, bars, swimming pool, and hotel and other entertainment facilities.
Vice Chairman of the provincial People’s Committee Ho Van Nien told Chairman of ACDL Group Isidoe Subotic last week that the provincial authorities will complete administrative procedures to redeem the targeted land for the investor before April 30.
This is the second biggest tourist project the province had licensed in the first three months of 2008 after the Wonderful Theme Park worth nearly US$1.3 billion to be developed by Good Choice USA Inc.
Ba Ria-Vung Tau is an emerging venue for sizeable international investors wanting a part in the hospitality industry, as the province boasts great potentials to become an international tourist destination.
In the first three months of the year, the province has attracted more than US$6.2 billion from 15 FDI projects licensed. It targeted to attract US$2.8 billion of FDI this year, up from US$1.4 billion of 57 projects last year.
The province now has 140 tourism businesses, nearly 130 hotels and resorts with around 5,000 rooms.
It aims to receive 6.7 million visitors and earn VND1.2 trillion (US$75 million) this year, up 14 per cent compared to 2007. (Investment)
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