South Korean real estate firm Korea Infrastructure Management plans to invest US$3.2 billion in a resort complex project in the southern province of Ba Ria - Vung Tau, the provincial website reported.
In a meeting with local authority, a representative of the South Korean firm expressed interest in developing tourism in the city through a number of projects, especially the Paradise Golf Resort and Bau Trung residential area for the said amount of investment capital.
After receiving approval from the city, the real estate firm will conduct pre- and feasibility study of the project, stated the representative.
Nguyen Thanh Long, vice chairman of the provincial People's Committee, acknowledged the proposal from Korea Infrastructure Management, suggesting the firm to contact the city's Planning and Investment Department for further details.
Covering an area of 220 hectares, Paradise Golf Resort would consist of a golf course with a 27-hole layout, shopping malls, exhibition center, five-star hotels, office buildings and other facilities to attract long-term travelers.
Under the master plan, the resort is connected with the Bau Trung residential area through transport infrastructure and public area.
For investors to be qualified to invest in the project, Ba Ria - Vung Tau requested investment capital of at least US$1 billion, in which investors must have sufficient financial capabilities not less than 15% of the total investment of the project.
In 2017, the province had 69 new projects, including 29 from foreign investors with investment capital of US$1.5 billion, and 40 of local investors with VND29 trillion (US$1.24 billion).
In recent years, Ba Ria - Vung Tau has stepped up efforts in attracting investments in priority fields, including industry, seaport, logistics, tourism and high-tech agriculture.