Joinus’ airport project hopes take off

Mr. Nguyen Van Thanh, Vice President of PPC presented souvenirs to the representative
of Korean Airlines Coporation source: investinquangninh.vn

Trinh Van Hong, deputy director of the Van Don Economic Zone Management Authority, said the provincial committee wanted Joinus to complete the Ministry of Transport’s administrative requirements as soon as possible.

Way back in 2010, Joinus applied to replace US-based Rockingham Asset Management LLC as developer of Van Don international airport. However, to date no progress has been made.

“Previously we asked the investor to complete the work by this November. But it looks set to fail to meet the deadline,” said Hong.

Hong believed Joinus was serious about the investment plan. “It has pursued this project for years and spent lots of money in preparation. So, I don’t think the investor will reject it,” he said.

Van Don international airport is a key infrastructure project in the Van Don Economic Zone, close to the world heritage site of Halong Bay. The Vietnamese government would like to develop the zone as an international trade and high-class tourism and entertainment centre to serve the development of the northern key economic region.

In February 2012, the South Korean firm signed a memorandum of understanding with the Quang Ninh Provincial People’s Committee for the project’s development, underlining its commitment to invest.

Apart from the airport, the investor would build a motorway connecting Halong city and Van Don island. The total investment capital of the two projects is about $1.5-$2 billion. In July,

Joinus changed the airport’s investment model from build-operate-transfer (BOT) to a public-private partnership (PPP) as previously approved by the prime minister. According to the Quang Ninh Provincial People’s Committee, the investor and the provincial committee discussed the advantages of the PPP model and expected the change to make the project feasible.

As this is a very important infrastructure project in Quang Ninh, Hong added that the South Korean investor should promptly push the project forward to improve the investment climate in the province, particularly as many foreign investors are eyeing the province.

Early last month, Vienna-headquartered Casinos Austria, one of the largest casino operators in the world, joined the list of foreign companies eying investment opportunities for an integrated casino and resort in the Van Don Economic Zone.

Amata Corporation, a property and industrial park developer in Thailand, is also studying the development of a $2 billion industrial park and township project in Quang Ninh.