Quang Ninh eco-tourism promises hot FDI outlook

Two Korean developers look to add places other than Halong to the Quang Ninh investment list Photo: Le Toan

Nguyen Duc Tiep, deputy head of the Quang Ninh Investment Promotion Agency’s Investment Promotion Division, told VIR that South Korea’s Bo Minh and KS Industrial have worked with the agency about the possibility of building resort and hotel projects in the province.

The two investors are studying some large-scale projects, based in eco-tourism areas such as Phoenix Island, Nat Dat, Ho Yen Trung, Hon Chin, Hon Soi Nhu, and Minh Chau-Quan Lan islands. They are also studying the possibility of projects on Co To Island, and other eco-tourism areas of Cai Chiem and Tra Co.

“The investors will select a number of these areas for their projects. It is expected that they will continue working with the provincial authorities in the time to come, before officially submitting their investment proposals,” Tiep said.

Though the total investment capital has yet to be revealed, it is expected to reach into hundreds of millions of dollars.

Notably, if these projects are implemented successfully, Bo Minh and KS Industrial will co-operate with South Korea’s leading hotel chain Shilla to expand its operations in Vietnam. This will also be Shilla’s first step into the Southeast Asian country.

Tiep said in addition to South Korea, Quang Ninh is now home to many other foreign-invested tourism projects which are about to be implemented. They include a $7.5 billion golf and casino complex, which is a joint venture between locally-owned Tuan Chau Group and the US’ ISC Corporation, and the $550 million Halong Star project, which is a joint venture between locally-owned Sovico Holdings and Nakheel from the United Arab Emirates.

Many domestic investors are also implementing big tourism projects in Quang Ninh. For example, BIM Group is implementing the 287 hectare Halong Marina project, and Sun Group is investing VND6 trillion ($272.72 million) into its Halong Ocean Park project.

Additionally, FLC Group has recently begun construction on its VND3.4 trillion ($154.54 million) resort complex in the province’s Halong city. Starwood Group is also constructing the $40 million Sheraton Halong complex in the city.

“The province’s infrastructure system is being upgraded, helping to attract more foreign investors,” Tiep said.

For example, Hanoi-Haiphong Expressway was put into operation last year. Currently, the Halong-Haiphong and Halong-Van Don expressways are being built and expected to be complete over the next two years.