VinaCapital Licensed for $150 mln Tourism Complex in Da Nang

A Vietnamese woman plays golf in Da Lat City in the Central Highlands. VinaCapital will build a 36-hole golf course in Da Nang. (Photo: Tuong Thuy)

VinaCapital has received a license to invest about US$150 million to build a tourism and golf complex in the central coastal city of Da Nang.

The project is considered the biggest tourism project in terms of capital in Da Nang, where the license award ceremony was organized on Thursday.

VinaCapital general director Don Lam said construction would start next April, and take from two to three years. He added his group would pour more money into Da Nang because of its attractive investment environment and strong economic growth.

The complex will cover 260 hectares in Ngu Hanh Son District. About 40 hectares will be set aside for a five-star hotel and a resort, the rest will be for luxurious apartments and a 36-hole golf course, the first of international standards in the central region.

VinaCapital currently manages three funds that have invested in many local companies nationwide. The Vietnam Opportunity Fund invests in real estate, State companies, and equitization of State-run enterprises. The VinaLand Fund focuses on real estate projects, and the DFJ VinaCapital LP focuses in technology companies and equitized telecoms companies.

Also at Thursday’s ceremony, VinaCapital signed an agreement with Da Nang’s officials to invest US$200 million to build a trade center, office buildings, luxury departments and an international school in Son Tra District. The Da Nang People’s Committee gave the group the green light for this investment in June.

According to Mr. Don Lam, VinaCapital has various investment plans in such industries as food processing, consumer goods, information technology, telecoms and real estate.

He said the domestic financial market was expanding fast. VinaCapital is considering possibilities to list its shares on the local stock market.

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Reported by Tuong Thuy

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