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.

An agreement in principle on the project was signed by leaders of the company and the municipal People’s Committee on Oct. 19.

Under the terms of the agreement, the local authorities will allocate 1,062 ha of land and 500 ha of water surface for the investor to develop the project.

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

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