A memorandum of understanding on construction of the marina, called “ONE15 Vung Ro Bay Marina” was signed in Singapore on May 26 between ONE°15 Marina Club, a company of SUTL Group, and Vung Ro Petroleum Co. Ltd., an independent petroleum company based in Vietnam.
According to the master plan on the Vung Ro Bay development (in Vietnam’s central province of Phu Yen), drafted by Vung Ro Petroleum Co. Ltd., ONE15 Vung Ro Bay Marina will be a key destination for the 2.5 billion USD development, which will comprise several hotels, a variety of retail shops and sand beaches together with a commercial area. ONE15 Vung Ro Bay Marina aims to become an international nautical hub, which can berth 300 boats varying from 10 metre to 60 metre super yachts.
Arthur Tay told Vietnam News Agency’s Singapore-based reporter that SUTL is no stranger to Vietnam. “In fact, we have established ourselves in Vietnam as early as 1996 when we opened the first shopping centre Saigon Superbowl in Ho Chi Minh City, and also operate Superbowl Vietnam located at Diamond Plaza. We introduced an integrated lifestyle entertainment concept to Vietnam. In 1997 we also secured the Kentucky Fried Chicken (KFC) franchise in Vietnam and as of to-date, we have 140 outlets in Vietnam,” he said.
He added that his company also planned to build a marina in Ho Chi Minh City.
Vung Ro Petroleum Co. Ltd. General Director Kirill Korolev said, “The MOU signing opens new horizons for the entire Vung Ro Bay development that will emphasize sustainable development and focus on creating an extraordinary thriving ecology of education, healthy living, lifestyle and culture.”
He added that Vietnam’s investment environment has been improved year after year, therefore following a plan to invest 4 billion USD in a refinery project, also in Phu Yen province, his company is building on a master plan to develop Vung Ro Bay