Two multi-billion dollar resorts proposed in northeast Vietnam

A prominent Vietnamese business man, Dao Hong Tuyen, has made a fact finding mission together with senior executives of US firm ISC Group to Van Don island in Quang Ninh province in the north east of Vietnam.  Tuyen, who is chairman of the Tuan Chau Group, has said that he wants to build two casino resorts 

and has financing in place for over $7 billion guaranteed by three top world banks, including Citibank.  A working group including Quang Ninh authorities, ISC Corproation and Tuan Chau Group has been set up to conduct feasibility studies and work out how to deliver the plan.  Quang Ninh's party secretary said that he expected a long term cooperation agreement to be signed soon but others, including the former deputy minister of planning and investments, have questioned whether the group's pockets are deep enough.  Tuyen has previously encouraged the Government to consider changing its laws so that Vietnamese citizens can frequent casinos, urging it to “Break free from the beaten tracks in your mindset to find a new path for the nation which is more intelligent, more creative and more international.”

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