Business

Vinpearl to invest 5 bln USD in Da Nang resort

The Vinpearl Joint Stock Company is planning to invest 5 billion USD in building a luxury resort and recreation complex next to Hai Van Pass in the central city of Da Nang.
The Vinpearl Joint Stock Company is planning to invest 5 billion USD inbuilding a luxury resort and recreation complex next to Hai Van Pass inthe central city of Da Nang.

An agreement inprinciple on the project was signed by leaders of the company and themunicipal People’s Committee on Oct. 19.

Under theterms of the agreement, the local authorities will allocate 1,062 ha ofland and 500 ha of water surface for the investor to develop theproject.

Vinpearl General Director Dang Thanh Thuysaid the project has a total investment capital of 5 billion USD. In thefirst phase, the company will disburse 1 billion USD for constructionof a five-star hotel, an international conference centre, a casino, agolf course and helicopter and seaplane parks.

Construction of the project is scheduled to begin in 2012 and for completion in 2020./.
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