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Vingroup plans to build resort in Hai Phong


Vietnamese real estate firm Vingroup said it is planning a resort island project off the northern port city of Hai Phong, according to Reuters.

Citing state-run media, Reuters says the value of the project has been estimated at about 19 trillion dong ($870 million).

Vingroup did not say whether it would be the sole investor or would bring in others. It is also planning billions of dollars of investment in other retail and property projects around the country.

The five-year project will include villas, a golf course, an entertainment park, an eco-park and a cable car service in an area of more than 870 hectares on Vu Yen island, Reuters cited a statement from the company as saying.

A government news website reported that city authorities also want to add a casino, a five-star hotel, and a marina to the project. The golf course is due to begin operations in early 2016, it said.

Vingroup is Vietnam’s largest publicly-traded real estate operator and one of the largest companies by market capitalization.

 

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