Galileo Licensed for First Phase of US$11.4B Creative City Project
The U.S.-based Galileo Investment Group has got a license to develop the first phase of its US$11.4 billion Creative City project in the central province of Phu Yen.
The project is set to become a new financial, hi-tech, educational and recreational center for Vietnam and Southeast Asia as well, according to the General Manager of Galileo Le Vu.
The project’s first phase will require an investment of US$1.68 billion and cover 1,100 hectares.
Nguyen Ba Loc, vice chairman of Phu Yen People’s Committee, said the province will consider licensing the second phase of the project, to be developed during 2015-2025, once the first is completed.
Despite having had attracted several big foreign direct investment projects in heavy industrial and tourism sectors, Phu Yen is still an agricultural-dominant province.
Vu said the new city would shift Phu Yen into an industrialized and modernized economy to catch up with other developed cities and provinces in Vietnam. (Youth)
Vietnamese
