Golf Course Still Attractive to Investors

Golf course construction remains very attractive to domestic and foreign investors. Up to US$100 million has been spent on golf course building in the first months of 2007.

Haiphong City People’s Committee has handed an investment licence to South Korea’s Mibaek Industrial Co. to build a golf course in Thuy Nguyen District. This 27-hold golf course costs US$17.3 million.

The investor plans to begin the construction in September 2007 and put into use late 2008.

 

Meanwhile, in early March, Investment Consultancy & Business Support Joint Stock Company (INCONESS) under the Vietnam National Oil and Gas Group (PetroVietnam) teed off the construction on Dong Thai-Ninh Binh tourist site on 2,185 ha and a 54-hole golf course on 740-ha in Yen Mo District and Tam Diep Town, totally costing US$100 million. The project is split into three phases with the last scheduled for completion by 2015. With this size, this is the largest golf course project in Vietnam.

 

South Korea is a major investor in golf courses in Vietnam. Before Mibaek Industrial, several other South Korean companies also invested in golf course construction in Vietnam. For example, East Asia Air Express invested US$20 million in the first phase to build the 300-ha Long Son golf course in Hoa Binh Province. Lado Filter Engineering also decided to spend US$12 million in BA Na golf course in Danang City. DK Enc will inject US$22 million in a large golf course in Ha Tay Province.

 

Two future South Korea-invested golf courses are a 36-hole course on 200-ha in Cu Chi District, Ho Chi Minh City invested by GS E&C Group with estimated US$42.6 million and a US$150-million golf course developed by Hanwha Group with a Vietnamese partner, King’s Valley Co. Ltd.