"The investor is preparing its document for approval," Thuan told the Daily on Monday, adding the investment would be used to develop more luxury tourist facilities for the 300-hectare resort.
In April last year, the company received the license for the US$300-mil tourism and entertainment complex from the Ministry of Planning and Investment.
It aimed to develop an area of 300 hectares at Cua Lap, six kilometers east of
"The company said the new investment will be spent on developing more luxury facilities such as building more five-star hotels rather than just one hotel in the old plan," Thuan said.
The investor presented the detailed scheme for the Saigon Atlantis Resort to leaders of the provincial government on Tuesday, and expected the resort to open in the next five years. At the presentation, the investor also gave a brief preview on the expanded plan if the capital boost is approved.
The investor has also paid VND50bil as part of the land rent to the provincial government to help the province cover the cost of site clearance for the project, Thuan said.
If the new plan of the project is approved, this second biggest tourism project in the province will take the top post as the most capital-intensive project in the province's hospitality industry.
Currently, the single biggest investor in the tourism sector there is the U.S.-based Good Choice Import-Export Investment Inc., which has committed over US$500mil in two projects there.
Last week, the provincial government approved the detailed plan of 1/500 scale for these two projects, comprising the