3:02:04 PM | 22/3/2007
The Hanoi People's Committee on March 20 presented Riviera and the CSK finance group of Japan license to invest US$500 million in a five-star hotel complex in suburban Tu Liem district.
More detailed information about the project has not been made available at the moment.
Local authorities also signed with Japanese investors a memorandum of understanding on three future projects, with combined capital of more than US$500 million, to build an urban area and two luxury golf courses.
Currently, Hanoi boasts 34 hotels ranked 3-5 stars, which meet only 70 per cent of international tourist demand during the "hot" tourism season.
Last year, the city greeted six million tourists, a 13 per cent increase over 2005.
It has set a target to receive 6.6 million visitors, including 1.2 million foreigners, an increase of around 9 per cent against 2006, and to earn revenue of VND15 trillion (US$937.5 million) in 2007. (Economy & Urban Area, The People)
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