Oman Joins US$600 Mln Tourism Project in VietnamIsland

Oman&rsquos State General Reserve Fund (SGRF) is joining hands with Vinaconex Investment and Tourism Joint Stock Company (Vinaconex-ITC) in developing a tourism project worth US$600 million in Cai Gia-Cat Ba Island, off the northern coast of Haiphong, state media has said.

 

SGRF will pour US$20 million into Vinaconex-ITC and become its main strategic shareholder, an official from Vinaconex-ITC said, adding that the 172-hectare project is designed by Group 70/PACMAR Inc of the U.S.

 

The facility comprises three to five-star hotels, resorts, villas, a sports and entertainment complex, an international conference center, a riverside trade center and many other facilities.

 

&ldquoThe project is scheduled to be completed by 2010. We are now calling for secondary investors to build 102 villas, the Tung Thu hotel, the sports and leisure complex and beaches for domestic tourists,&rdquo the official revealed.

 

Vinaconex-ITC plans to increase its tered capital from the current VND300 billion (US$18.2 million) by calling on more investors to share in our potential investment opportunities.

 

Vietnam&rsquos tourism industry is expected to receive 6 million-6.5 million foreign tourists per annum by 2010, and the number of locals with an annual income reaching US$3,000-US$5,000 is anticipated to increase remarkably in the next five years. These should be considered very favorable conditions for the initial development of the local tourism-property market. (VietNamNet)