The provincial government of Quang Nam awarded an investment certificate to two U.S. investors on October 1 to develop a big tourism complex worth over US$4 billion in the province, which is in fact the reduced scale of another bigger investment plan earlier approved in principle in the central province.
Dinh Van Thu, Vice Chairman of Quang Nam People's Committee, said that the two U.S investors namely Tano Capital LLC and Global C&D Inc. would join hands to develop the tourism complex on the Dragon Beach resort.
“The complex is to be located on 400ha encompassing Dien Ngoc Commune and part of Dien Duong Commune in Dien Ban District,†he said. These two communes are along a coastal road that links the central city of Danang and the ancient city of Hoi An.
As planned in the project, the investors will build luxury facilities there such as a golf course, nine hotels, centers of international trade and conference, a section of villas, and entertainment services facilities among others.
Last year, the investor once asked Quang Nam Province for approval to build the complex worth up to US$10 billion, which was then reduced to US$8 billion. At the moment, some local media reports cast doubts about the investors’ financial capacity given the incredibly high cost for a tourism project.
After a long time since the first proposal, the final investment is determined at over US$4 billion, and the provincial government had many times asked for advice from relevant ministries before giving an investment certificate to the company.
“I think that this investment is suitable for the project,†Thu said.
The central region endowed with a rich culture, historical sites and beautiful beaches is attracting more and more big investment projects from foreign investors. Two months ago, the Banyan Tree has begun construction on its 280ha Laguna Hue Resort in the Thua Thien-Hue Province with total investment pledged at US$875 million.