투자 $600 million Cat Ba resort project seeks investors

[청석]

Talking Shop

(23-08-2007)

$600 million Cat Ba resort project seeks investors

The proponents of what will be Viet Nam’s biggest tourism project, the US$600-million Cat Ba Community Resort, are accelerating their efforts to raise capital from domestic and international investors.
The resort, on Hai Phong’s Cat Ba island, will cover 304ha with an expected construction density of 17.4 per cent.
Viet Nam News reporter Phi Hung asked project director Tran Ngoc Quang about the effort to boost investment.

You’re seeking both domestic and international investment. What type of investment is suggested and how will investors benefit from putting their money into the project ?

We suggest two major types of investment: Either 100 per cent foreign capital or the establishment of a joint-venture company between Viet Nam Construction and Import and Export Corporation (Vinaconex) and investors.

Investors will have the benefit of several incentives. These include exemption from land-use fees; land-use tax and a five-year exemption from corporate tax.

We are committed to ensuring that investors will pay the lowest initial investment cost against all other real-estate and tourism projects in Viet Nam. This is because the Government and local authorities consider the project of great importance to Viet Nam’s tourism industry.

It’s a golden chance for investors because Cat Ba island’s tourism infrastructure has still to be developed while the Government plans for it to become the premier site for Viet Nam’s ecological tourism. The building of an airport, road network and bridges are already underway.

How was the project started?

The project was originated in 2002 by our parent company, the Viet Nam Construction and Import and Export Corporation (Vinaconex). It’s located in the Cai Gia Gulf, Cat Ba island, one of Viet Nam’s three biggest islands.

Cat Ba is wonderful. It has a huge and mysterious natural landscape and strong cultural traditions. With an average temperature of 25-30 degree Celsius, Cat Ba is an ideal place for tourism. It was named a world biosphere reserve in 2004.

When highway 5B linking Ha Noi to Hai Phong and the Dinh Vu bridge linking Hai Phong to Cat Ba are completed by 2010, it will take only two hours to travel from Ha Noi to Cat Ba, instead of the present three hours.

What is the status of the project?

It’s a huge project with several villa complexes, five-star hotels, tourism, trading and entertainment precincts.

Vinaconex was transferred the land by the Hai Phong’s People Committee and the detailed plan was also approved by the local authorities.

All land clearance for the project is complete and we are now fulfilling the Phase I-A of the project on 10ha. The infrastructure is expected to be finished by 2010.

Nine domestic banks have committed VND900 billion ($56.2 million) to the project with Agribank and Techcombank taking the major share. The overall project is expected to be completed in 2015. — VNS

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