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Vietnam raising foreign capital for tourism, entertainment properties
Date: 5/23/2011 9:18:35 PM
Tien Giang provincial governance introduced an array of resort real estate projects to foreign investors in the international exhibition and conference on cooperation opportunities in real estate and tourism on May 20, a newspaper reported.

These projects are water sport, land planning for camping and traditional sport, southern ecological garden, and others.

“Tien Giang does not have any project in fields of entertainment, so we are calling for foreign investors’ attention to the tourism resort. Annual the province attracts 950,000 tourists including 500,000 arrivals”, Nguyen Tan Phong-vice director of the provincial Department of Culture, Sport and Tourism spoke at the conference.

By the middle of April, Chairman of Giico international investment group JSC, Ha Manh Dung met Macau investors to call capital for Venus Cat Ba resort and Venus Mui Ne resort projects. Both projects are under legal procedures but in short of capital. Investors expect to build a 300-ha new city with services of tourism, casino, golf, seaport, airport with total estimated cost of $2 billion.

“With such a huge capital demand, I expect cooperation with international powerful investors. In addition, the investors are experienced in tourism industry, resort, entertainment, which is good (for local investors) to learn”, he told.

On February 14, Khang Thong Group JSC kicked off work on Happyland relaxing and entertainment complex capitalized at $2 billion in Ben Luc Dist, Long An province. Two days earlier, Joe Jackson, global well-known Micheal Jackson’s 82-year-old father had come to HCM City to sign a project of investing in a 5-star hotel with 1,000 rooms in the complex.

Talking to the press on the resort and relaxing real estate field in Vietnam, Managing director Nguyen Thanh Tuan of Vietlink Consulting Co said “Vietnam is the attractive destination for international tourists and investors in future.”

According to the director, the tourism development strategy for the 2011-2020 period will change priority from developing with to dept with an aim to promote the competitive strength. Vietnam will boost the attraction of investment, building brand name, training human resources, developing major areas and products.

Meanwhile, in forecast of Tong Van Nga-Vice chairman at Vietnam Real Estate Association, Vietnam is short of capital for the real estate segment so it needs time to shape a particular planning, outline broadcasting strategy, call foreign investment and promote big projects.

As said by Asia Director of Singapore’s Sanderson Group, Luke Riley said that any investor joining the tourism and relaxing real estate sector needs to re-research the market to take a corrective assessment of feasibility of each project and predict potential risks. “The best is to have a financial standby plan to avoid where it is difficult to withdraw capital”, he added.

(Source:Vietbiz24)
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