Thua Thien Hue Province on Wednesday issued a license to the Singapore investor Banyan Tree Group to develop a high-class tourism complex worth over US$276 million in Chan May-Lang Co Economic Zone.

Nguyen Ngoc Thien, vice chairman of the province, told the Daily yesterday that the investor has established a company in Vietnam named Laguna Vietnam to develop the project, which will be the biggest tourism project in the province.

The Laguna Vietnam resort, which will cover over 200 hectares in Loc Vinh Commune in Phu Loc District inside the province’s economic zone, will comprise many high-class tourism facilities such as a resort, hotels, a golf course, spa and many other facilities.

“A hotel of 200 rooms, 50 villas, and some luxury houses will be developed there in the first phase,” he said.

He said that the investor would start construction in March next year for opening the first phase in late 2009, while the whole project’s construction will take place in a large time span.

“The company will build a golf course in the second phase. It will finish the complex’s construction by 2020,” he said.

Six months ago, the investor started its survey for the project.

The provincial government handed the license to the investor just over one month after it signed a memorandum of understanding with the investor in Thailand.  “We believed that the investor had a strong financial capacity and experiences to develop the huge tourism project,” he said.

The group is an experienced tourism investor, operating 60 tourism complexes in 22 countries around the world. Late this month, the group’s experts will come to the province to proceed with preparations for the project.

The Lang Co-Chan May Economic Zone covers over 27,000 hectares encompassing Lang Co township and three other surrounding villages, which will be developed into a regional economic and trade center.

The zone will include a tax-free area to produce high-tech products, machinery, oil, construction materials, and jewelry among others. Large cruise ships can also anchor at Chan May Port.

Investors with projects in Chan May-Lang Co Economic Zone will be subject to many preferential incentives, according to the provincial government.

(Source: SGT Daily)