Tuesday, May 15, 2007

Chu Lai zone attracts three tourism projects

16:30' 15/05/2007 (GMT+7)

VietNamNet Bridge – The authority of Chu Lai Open Economic Zone in the central province of Quang Nam has just given investment certificates to three local tourism projects worth over US$100 in the zone, the authority's leader said.

Le Phuoc Thanh, head of the authority of Chu Lai, told the Daily on Sunday that the licenses were handed to the investors to develop five-star resorts in Chu Lai. These investors will start work on the projects this year.

The first five-star resort named Cadasa resort will be developed by Cadasa Research and Application Information and Technology Join Venture Co., which will spend US$37mil on its 300 rooms resort.

In the second project, Mai Doan Joint Venture Company will spend US$50mil to develop 50 hectares in the zone into a five-star resort of 220 rooms, a golf driving range, a sea entertainment area, and other facilities.

In the third project, the Quang Nam branch of Quoc Viet Software Join Venture Company also got a license for the 200-room Tam Tien resort worth US$15mil.

Thanh said more investors are keen on tourism projects in the zone, and most of them are interested in developing high-end services there.

In this March, the authority also gave license to Le Domaine de Tam Hai Co, Ltd. to scale up its investment from US$1.3mil to US$44.4mil for its five-star resort expansion. The investor will use the extra fund to build 128 rooms and 114 villas for rent.

Thanh said that the authority is planning to speed up the construction of the zone via a plan to cut down on the number of inactive projects and to call for more investors in to the zone.

"Recently, I have revoked 27 licenses of in active projects there. We want investors to develop their projects quickly," he said.

Until now, 130 projects capitalized at around US$1.43bil have been licensed into the zone, but more than half have been axed, and only 58 projects are still effective with total investment of US$560mil, excluding the above-mentioned new licenses.

Thanh said the authority was also wooing new investors into the zone, which has been planned to become a financial, banking, trade, tourism, telecoms and service center in central Vietnam.

Among potential projects in the near future are an entertainment area in Tam Hai covering 600 hectares with a planned investment of around US$2-2.5bil, and a riverside villa area on 200-300 hectares worth some US$500mil.

(Source: SGT)