Vietnam continues to collect multibillion-dollar resort project proposals.
According to news site VietnamNet Bridge, the current count includes the Hoang Gia city project in Phu Tho-Yen Bai provinces ($4.3 billion), Ho Tram Strip ($4.2 billion), Nam Hoi An in Quang Nam ($4 billion) and Saigon Atlantic ($4.1 billion).
The existing Silver Shores Hoang Dat at Da Nang adds $160 million. Meanwhile, the Mui Dinh project in Ninh Thuan awaits government approval of its casino component.
The latest newsmaker is the proposed Phu Quoc Island development, now slated for a casino resort among its features. Thanh Nien News reports that foreign investors have been given the go-ahead to develop the project in the southern part of the country.
At least 10 investors are said to have shown interest in the $4 billion project. The bidding process for the 30-year casino license is scheduled to begin later this year.
Thanh Nien reports an unnamed source has indicated a Singaporean investor is currently most likely to win the competition. If successful, the project would be similar to the integrated resort model present in Singapore, according to the source.
A 135-hectare site in the island’s northeast has been designated for a casino resort complex. As currently planned, a 30,000-square-meter casino will have 2,000 slot machines and 200 to 400 game tables. The complex will include up to six five-star hotels, offering a total of 3,000 rooms.
The government intends to separate Phu Quoc Island from Kien Giang Province, to which it currently belongs, and grant it special administrative and economic region status within the next decade. The goal is to turn the island into the region’s top trade and tourism center, with 10 million visitor arrivals by 2020.
Standing in the way of the ambitious plans for the island is insufficient infrastructure, according to overseas Vietnamese investor Nguyen Ngoc My. He said that at present Phu Quoc does not have the facilities and services to support a casino complex. However, he believes that the Singapore model could work.
Meanwhile, in the north of Vietnam, local authorities of Phu Tho Province and Yen Bai Province have been meeting to discuss the $4.3 billion Hoang Gia resort city.
Proposed by Tsinghua Construction & Engineering Company Limited of Macau, the project would be joined later by investors from the U.S. and Australia, according to VietnamNet Bridge.
The plan calls for construction of the city on 1,664 hectares on Van Hoi lagoon, of which 585 hectares are in Phu Tho Province and 1,079 hectares in Yen Bai Province. The project includes a five-star hotel, villas, luxury apartments, golf course, entertainment center, tennis center, water sports center and helicopter area.
The casino would still need to receive official approval.