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|Can Gio, working as green lungs to HCM City, is an attractive destination in the city. Photo cafef.vn|
The committee said the group would replace the former investor of the project, known as Can Gio Urban and Tourism JSC, which had failed to construct the zone within the past 15 years.
The committee said, backed by the strength of its experience in real estate development, Vingroup's investment would accelerate the development of the urban project and improve the district's overall development.
The city's chairman Le Hoang Quan called on all the local departments to work together to help the investor realise the urban project as soon as possible.
During the first stage, the group will carry out the construction work over 821ha of land. It will then develop 300ha over the sea. Besides villas, hotels and a tourism resort, Vingroup will also build hospitals and schools and will launch various tours such as visits to the historic relics of the Sac Forest War or a study tour based on environmental issues such as climate change to develop green urban tourism and ensure sustainable development.
Considered the "lungs" of HCM City, Can Gio District is based 50km from the city centre. A mangrove forest with 52 mangrove species, 200 animal species and hundreds of fish, crab and shrimp species covers the 70,000ha zone, which was listed as a biosphere reserve by UNESCO in 2000.
The project was evaluated by the Can Gio Urban and Tourist Joint Stock Company in 2007. It had planned to kick off the construction of the urban project at a cost of VND8.470 trillion (US$388.5 million), but this did not pan out.