Quang Nam to Feature Another World Class Resort

The joint venture between local firm VinaCapital and Genting Group, a leading developer of integrated resorts and one of the best-managed multinationals in Asia, has been granted permission to reclaim an expanded area in Quang Nam Province for the implementation of the $4 billion South Hoi An tourism project. This ambitious initiative will comprise a complex of five-star hotels, villas, resorts, and gaming facilities aimed at foreign tourists, along with 2,500 residential units available for sale or rent.

This development is set to emerge as a significant competitor to other luxury resorts in Da Nang, such as the Furama Resort, Vinpearl Da Nang Luxury Resort & Residences, and the recently established Nam Hai. Although local authorities are making efforts to foster a favorable environment for the developers and affirming their financial capabilities, the development has a critical timeline of 12 months to reclaim the necessary land and commence construction; otherwise, their investment certificate may be forfeited.

The authorities' decision stems from community concerns and complaints regarding the slow progress of other tourism projects, which often displaced residents long before any construction was underway. Learning from the cancellation of the $4.15 billion Dragon Beach Resort, proposed by US-based Dragon Beach Group and revoked in 2023, VinaCapital and Genting Group have allocated $15 million to provincial authorities for site clearance and resettlement efforts. This proactive step aims to expedite the project's implementation.

Once completed, the South Hoi An project is expected to create a substantial number of jobs for local residents and improve opportunities for the surrounding Quang Nam community. There is optimism that this project will be finished on schedule, enhancing luxury accommodation options for both domestic and international travelers visiting the region.