The Central Highlands province of Lam Dong has allowed local groups to make a plan to develop a big resort city project worth more than US$1bil in Dankia-Suoi Vang in the province's Dalat City.

Under the tentative agreement, the provincial government will allow the Vietnam Rubber Group, Vietnam National Textile and Garment Group (Vinatex), Vietnam Housing and Urban Development Group and others to prepare a master plan on developing the project on 5,000 hectares in Lac Duong District.

The groups will formulate ideas to develop the project into a "resort city" some 20km from Dalat City to serve local and foreign tourists.

Eleven years ago, Dalat-Dankia Holding Ltd. was set up as a joint venture between three Singapore companies and a local partner to develop the project at a cost of US$706mil.

But the foreign investors failed to carry out the project, prompting the Ministry of Planning and Investment to revoke the license in early 2005.

(Source: SGT)