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US firm eyes casino project in Vietnam
Publication Date : 13-09-2013
The Tuan Chau Group (TCG) and US-based ISC Corporation yesterday signed a Memorandum of Understanding (MoU) on a project to build a US$7.5 billion entertainment and hotel complex in the Van Don economic zone.
According to the MoU, the two sides will make a feasibility study for a project to build the high-grade complex, which will also include casinos, in a 2,000ha area on Van Don island in the northern coastal province of Quang Ninh.
The signing followed a fact finding tour of Van Don island on Wednesday with leading officials of the ISC Corporation a group of world-class investors and the TCG.
Quang Ninh authorities, ISC Corporation and the partners have also established a working group, teaming up experts from both sides to conduct studies and surveys, and design co-operation mechanisms and a road map to implement the project.
As per Decision 677 of the Quang Ninh's People's Committee, the province is calling for investment in multiple large-scale projects in infrastructure, traffic, tourism, trade and agriculture.
In addition, the province is seeking investors for three golf courses, including a 27-hole course combined with a five-star hotel and a villa area covering 300 hectares in Van Don District. The other two will be located in Ha Long City, occupying 190 hectares and 75.3 hectares respectively.
Some other multi-million-dollar tourism projects are Quang Ninh Airport and an international exhibition centre in Mong Cai and Hon Gai tourist port.
The provincial government and the Institute for Tourism Development Research are also making a development plan for tourism from now to 2020, with a vision to 2030, which is set for completion in the next few months.
According to the Quang Ninh Department of Planning and Investment, the province attracts about 50 investors annually on average, mostly from South Korea, Canada, China, Japan, the US, and the Middle East.
To date, there are 93 foreign invested projects in the province with a total registered capital of more than US$4 billion.
Last year alone, despite the global economic woes, Quang Ninh's FDI totalled more than $410 million and by the end of the second quarter of this year, it had attracted nearly $77 million from four new projects.
Under the province's master plan on socio-economic development to 2020 with a vision to 2030, Quang Ninh plans to become a major international maritime trade centre.