FLC Group invests US$162 million in Binh Dinh complex

A view of the sea in Quy Nhon City. The FLC's US$162 million project would have golf courses, six-star villas, hotels, five-star restaurants, an international convention centre and high-class entertainment area. Photo vnexpress

Covering an area of around 300ha, the VND3.5 trillion (US$162 million) project would have golf courses, six-star villas, hotels, five-star restaurants, an international convention centre and high-class entertainment area.

The complex is scheduled to become operational during the first quarter of 2016.

Speaking at the hand-over ceremony on April 25, Doan Van Phuong, FLC's general director said the group highly valued the tourism potential of the locality and had decided to choose it as an investment location.

"The project will not only contribute to changing the province's tourism situation, but also the local State budget, thus promoting socio-economic development. In will also create a foundation for attracting foreign investment to the province," Phuong added.

Ho Quoc Dung, chairman of the provincial People's Committee, said they would help the group invest in the province.

Dung said the province had adequate conditions for tourism development with its natural landscape and intangible cultural forms.

The model of the project. File Photo

He urged the local residents to support and create favourable conditions for the investors.

Sharing the same ideas, Le Kim Toan, deputy general secretary of the People's Committee, said FLC had committed to the investment with experiences from several projects nationwide.

In April, FLC Group, the provincial People's Committee and the Bank for Investment and Development of Viet Nam (BIDV) also signed a co-operation agreement.

Accordingly, the project would be given the maximum tax preferential as it is located in the Nhon Hoi Economic Zone and also a poor area.

BIDV also committed to finance the project up to 70 per cent of the total investment.

In recent years, FLC Group's turnover, profits and assets have seen rapid growth. In the 2014 financial year, its aggregate profit reached VND3 trillion ($139 million) and annual profit of VND454 billion ($21 million). The group's charter capital was VND4 trillion ($185 million).

FLC has invested in property projects nationwide, such as FLC Samson Beach and Golf Resort and the FLC Complex in Thanh Hoa.