US$4.6bil pledged for tourism projects in Ba Ria-Vung Tau

Ba Ria-Vung Tau Province last year attracted US$4.6 billion into tourism projects, including three new projects worth US$780 million on 540 hectares, according to the Vung Tau Investment Promotion Center (IPC Vung Tau).
The new projects are the Safari Binh Chau Wild Animal Park (US$500 million), the Bai Sau Tourist Complex (US$200 million) and the Bai Truoc Complex with a five-star hotel, apartments and an office building (US$80 million).
As of the beginning of this year, the province was home to 154 tourism investment projects covering nearly 11,500 hectares with investment capital of over VND35 trillion and US$11 billion. Meanwhile, disbursed capital in the sector reached over VND4 trillion and US$111 million. In particular, the Saigon Atlantis Hotel complex increased its investment capital to US$4.1 billion from the initial US$300 million.
A representative from IPC Vung Tau said these projects made up a big portion of the province’s total investment capital (18% of local capital and 94% of foreign-invested capital).
Ten projects have operational first phases, 36 are under construction and seven are finishing technical designs to start construction.
In Chau Duc District, Korea’s JQ Urban Development Co. and Ba Ria-Vung Tau Province’s Ky Nguyen Viet are planning to invest in the 480 hectare Hoa Binh Waterfall Tourist Site capitalized at US$1 billion. The provincial People’s Committee has agreed in principle for the investors to conduct surveys for their project. This complex will include a 36-hole golf course, a three-to-five-star hotel, an international flower garden, a traditional Vietnamese handicraft area, a sports area and a miniature safari park.
The US$4.2-billion Ho Tram Strip invested by Canada’s Asian Coast Development Limited is another highlight in the province. The first phase is now under construction.
Vo Trinh Trieu, director of IPC Vung Tau, said that recently a lot of projects worth billions of dollars and billions of dong had been licensed in Ba Ria-Vung Tau. “This is a good thing as investment into the province has gradually been transferred into tourism and services from the industrial sector.”
Trieu added that the main focus of Ba Ria-Vung Tau Province was to solve the problems investors run into during the investment process, including site clearance, land procedures and investment procedures. These actions will help investors put their projects into operation quickly and help the province increase disbursed capital compared with registered capital.
Besides asking departments and agencies in the province to support investors, the provincial People’s Committee has set up working teams to support investors with licensed projects.