Genting Malaysia Exploring Vietnam

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Genting Malaysia has acknowledged that it is working with a partner to explore opportunities in the leisure, hospitality and entertainment sector of Vietnam.

The somewhat vague response came in reply to a “verbal query” from exchange holding company Bursa Malaysia, which in turn was responding to a December 20 report in the Edge Malaysia, which read:

“The next destination is likely Vietnam’s ancient city of Hoi An. Vietnam’s online newspaper VnExpress says a joint venture formed by the Genting group and local fund manager VinaCapital has obtained approval from the central government for a US$4 billion casino resort project in Hoi An city. The news portal reports that the large-scale project features a five-star hotel, resort villas and a casino.”

In a statement to Bursa Malaysia, Genting Malaysia said, “As part of its business strategy, the company continually evaluates opportunities to expand in the leisure, hospitality and entertainment sector.

“The company has been collaborating with a partner for purposes of exploring such opportunities in Vietnam. Pending the outcome of such collaboration activities and the execution of the final definitive agreements, the company will make the necessary announcements in due course.”

Vietnam Business News reported late last year that the $4 billion collaboration between Genting Malaysia and local real estate investor VinaCapital Group will be located within the 125-square-mile Chu Lai Open Economic Zone in Quang Nam province.