Da Nang to Have US$5 Billion Tourism Zone

An ecological tourism zone is to be built at Van Village of the central city of Da Nang, with a total investment capital estimated at US$5 billion, according to the participants at a meeting held recently between the Da Nang City People’s Committee and the U.S. Oak Tree Realty Group.

Representatives of the U.S. group said the tourism zone, named “Rising Sun,” is a leisure complex comprising a golf course, resort, marina, helicopter pad, luxurious hotels, villas and a casino for foreigners. The zone will be built on an area of 500 hectares and is expected to provide employment to 10,000 people.

At the meeting, Mr. Nguyen Ba Thanh, Secretary of the city’s Party Committee and Chairman of the city’s Council, allowed the Oak Tree Realty Group to expand the project an additional 1,500 hectares further to the southwestern area of Van Village. Moreover, the deadline for Oak Tree to announce its decision to invest in the project was set on May 5, 2008.

If the project is to be carried out, it will become one of the largest investment capital expenditures of its kind in Viet Nam.

Da Nang is considered as a city with great potential for tourism industry, attracting people from Viet Nam and abroad. The past few years have seen the city open its doors to welcome foreign investors to invest in sea tourism and help improve its overall tourism infrastructure.

Khanh Hong

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