Complete the profile for a resort of more than two billion USD in Van Don before September 15
admin 13-09-2020, 15:44

This is the request of the Deputy Prime Minister to the People’s Committee of Quang Ninh Province to report dossiers to the Standing Government of the Government for consideration and decision on investment policy for the project before September 30.

The Government Office has just announced the conclusion of the Standing Deputy Prime Minister Truong Hoa Binh at the meeting with the leaders of Quang Ninh province.

Accordingly, on the proposal to establish Quang Yen coastal economic zone in Quang Ninh province, the Deputy Prime Minister assigned the Ministry of Planning and Investment (MPI) to urgently synthesize comments of ministries and agencies to complete the dossier and submit it to the Prime Minister. Prime Minister to consider and decide before September 20.

Regarding the adjustment of investment policy of infrastructure project of Viet Hung Industrial Park and development of Viet Hung Industrial Park into a supporting industrial zone, the Deputy Prime Minister asked the People’s Committee of Quang Ninh province to urgently complete the project, send it to the Ministry of Planning and Investment to lead and coordinate with concerned ministries and agencies to report to the Prime Minister for consideration and decision.

Regarding the investment policy of the high-end resort and entertainment complex with casino in Van Don economic zone, the Deputy Prime Minister asked the People’s Committee of Quang Ninh to quickly absorb and explain opinions of the Ministry of Planning and Investment, complete and send documents before September 15 for appraisal and report to Standing Government for consideration and decision before September 30.

Complete the profile for a resort of more than two billion USD in Van Don before September 15

Perspective detailed planning of the core zone of Van Don high-end complex service area. (Photo: Quang Ninh Newspaper)

Previously, in June 2020, the Department of Planning and Investment of Quang Ninh province announced the information to find an investor for the Van Don high-end entertainment complex.

The project will be implemented in Van Yen commune, Van Don district, Quang Ninh province. Total investment capital (not including site clearance cost) is 46,595 billion dong (equivalent to more than two billion USD).

According to research, the above project was approved the zoning plan of 1 / 2,000 scale in 2016 with a scale of more than 2,500 ha. In which, the area of Cai Bau island has an area of 2,087 ha, area of Tra Ngo island is 448.5 ha. Expected construction time is 10 years from 2017 to 2027.

In March 2017, in a document to the agencies asking for their opinion to participate in the application file to submit to the Prime Minister for decision on investment policy, Quang Ninh Economic Zone Authority said, the project has total investment capital expected to be more than 47,481 billion.

In which, construction cost is 27,856 billion; equipment costs 9,350 billion and interest loans 5,826 billion. The project is divided into two phases: Phase 1 with an investment of nearly 23,023 billion VND and Phase 2 is expected to be allocated over 24,459 billion VND.

Total investment will be mobilized from two main sources. In which, the investor’s capital contribution is Van Don Sun Joint Stock Company (Sungroup’s associate), accounting for 15%. The remaining 85% of total investment capital will be borrowed from Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Hanoi branch according to the expected progress from quarter II / 2017 to the end of quarter IV / 2021.

By February 2020, the Ministry of Planning and Investment officially submitted to the Prime Minister the above project investment policy decision.

At this time, the project has a total investment of more than 46,500 billion dong, land use scale of about 445 hectares, operation time of 70 years.

The project’s objectives are to operate tourist accommodation establishments, casino business, golf course construction and business, real estate business, ecotourism business, relaxation, entertainment, sports activities.

With the above investment capital, the investor of Van Don Sun Joint Stock Company contributed about 6,900 billion VND, the remaining 39,600 billion VND will be mobilized from domestic and foreign banks.

To secure the project investment capital, at the request of the Ministries of Industry and Trade, Finance and the State Bank, Van Don Sun Joint Stock Company has provided a letter of credit commitment from 8 banks that approved in principle granting credit for projects with a total credit limit of over 41,300 billion dong.

Banks committed to provide credit for Van Don casino investment according to the project documents, including: Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV); Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank); Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Military Commercial Joint Stock Bank (MBBank); Tien Phong Commercial Joint Stock Bank (TPBank); Industrial and Commercial Bank of China, Hanoi branch; Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam National Joint Stock Commercial Bank.

Source: vietnambiz.vn – Translated by fintel.vn