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 recognized as one of the best-managed multinationals in Asia, has been granted approval to reclaim an expanded area in Quang Nam province for the $4 billion South Hoi An tourism project. This ambitious development will feature five-star hotels, villas, resorts, and gambling facilities intended for foreign tourists, alongside 2,500 residential units available for sale or rent.

Once completed, this project will position itself as a significant competitor to other luxurious resorts in Da Nang, such as Furama Resort, Vinpearl Da Nang Luxury Resort & Residences, and the recently developed Nam Hai. While local authorities are actively supporting the developer and express confidence in their financial stability, it is crucial for the developer to reclaim the required area and commence work within a 12-month window; failure to do so may result in the revocation of their investment certificate.

The authorities' decision stems from concerns and complaints raised by local residents regarding the slow progress of similar tourism projects, which often see families displaced from their land without significant developments taking place. Learning from the previous experience of the $4.15 billion Dragon Beach Resort, proposed by the United States-based Dragon Beach Group and revoked in the past year, VinaCapital and Genting Group have committed USD 15 million to provincial authorities for site clearance and resettlement efforts. This proactive measure is expected to expedite the project’s implementation.

Upon completion, the South Hoi An project is projected to provide employment opportunities for a substantial number of local residents and nearby communities in Quang Nam. There is hope that this project will be completed on schedule, thereby enhancing the luxury accommodation options available to both domestic and international tourists visiting the region.