VinaCapital to inject $1 billion into Quang Nam

Speaking at the conference announcing Quang Nam’s planning on March 16, Don Lam, deputy head of the Private Economic Development Research Board and member of the Board of Directors of Hoi An South Development Co., Ltd. (Hoiana), noted that Quang Nam’s planning for 2021-2030 was an important milestone, especially in the eastern region of the province.

According to Don Lam, the land of Hoiana was previously a deserted area, yet as soon as Cua Dai Bridge and the coastal road were formed in 2016, the entire eastern region had transformed strongly, quickly becoming the area eyeing the highest growth in the province.

This affirms Quang Nam’s vision in conceiving the province’s socioeconomic development strategies.

On that basis, the provincial planning for the rest of this decade will continue promoting the appraisal and planning approval efficiency, from there creating motivation for Quang Nam and the eastern region in particular to fully develop.

“We believe in the potential for marine tourism development in Quang Nam’s eastern region, rooted on distinct cultural and historical advantages of Hoi An and increasingly clear driving forces such as Cua Dai bridge, and the coastal road connecting to Chu Lai airport.

Recently, the prime minister's guidance and approval of the Land Law and the Law on Real Estate Business 2024 attest to the government's commitment to diversifying tourism offerings and tourism real estate such as condotels and beach villas,” said Don Lam.

To continue creating growth momentum for the eastern region, he proposed that Quang Nam soon promote the provincial general planning scale 1/5,000 and subdivision planning scale 1/2,000 to help businesses to expand investment into driving local socioeconomic development.

Hoiana aims to become a premier multi-functional coastal resort venue

This shall create conditions to turn Hoiana into a multi-functional coastal resort development with diverse infrastructure and services such as schools, international hospitals, shopping malls and high-end convention centres.

This aims to turn Hoiana into a model project, piloting the implementation of ‘golden visa’ scheme for high-end, long-stay visitor groups such as high-tech experts, elderly retirees or high-income ‘young retirees’, among others.

“These groups of tourists shall bring revenue to the state coffers and great job opportunities for the local area. As a foreign investor, we hope to receive companionship and support from the local government as well as from the central level in quickly resolving the project's legal aspect, the planning, and land acquisition issues," Don Lam said. “We commit to continue investing up to $1 billion in the upcoming phases of the project when legal procedures are completed and maximum conditions are created to expand business activities. We are poised to join hands for the development of Quang Nam and Vietnam's economy in the spirit of ‘harmonious benefits, shared risks.”

Starting construction in April 2016, the $4 billion Hoi An South Resort Project (Hoiana) has now completed phase 1 valued at $500 million with 1,200 luxury rooms, an 18-hole coastal golf course, and a world-class entertainment area.

In the past two years, despite numerous hardships persist, Hoiana has contributed more than VND1 trillion ($41.6 million) to state coffers, growing into one of the largest taxpayers in the province. The project has created jobs for nearly 3,000 local labourers, helping to raise income and improve the quality of life for locals.

By Thai Hoa

Source: VIR