Bamboo Capital Group gets deadline extension for $124 mln central Vietnam resort
A VND3.16 trillion ($124.4 million) resort invested by a subsidiary of leading Vietnamese multi-sector corporation Bamboo Capital Group has got its completion deadline extended until December 2025.
The extension has been granted because of delays in compensation and site clearance, the company said.
The Malibu MGM Hoi An resort project in Dien Duong ward, Dien Ban district, Quang Nam province is yet to clear 7,490 square meters of land owned by 12 households.
An illustration of the Malibu MGM Hoi An resort being built in Quang Nam province, central Vietnam. Photo courtesy of Bamboo Capital Group.
The provincial People’s Committee has asked the local Department of Planning and Investment to assist project owner Indochina Hoi An Beach Villas Company Limited in completing necessary legal documents.
It has also asked relevant agencies to work together and ensure payment of “proper compensation” to affected households towards facilitating full site clearance at the earliest. The agencies have been asked to report progress made to the provincial administration by December this year.
Work on the 10.3-hectare resort project started in September 2018. The resort, designed by U.S. firm BKAH and managed by global hospitality and entertainment company MGM Resorts International, features 96 villas and 657 five-star tourist apartments.
In 2018, Indochina Hoi An Beach Villas Company Limited was wholly acquired by Bamboo Capital Group, listed on the Ho Chi Minh Stock Exchange as BCG, for VND337 billion ($13.24 million). In March 2022, BCG divested an 89% stake in Indochina Hoi An, valued at VND502.5 billion ($19.7 million), to BCG Land, which is 62.1% directly owned by BCG as of January 2024.
The Malibu Hoi An resort project, which began sales in the third quarter of 2022, has sold 40% of its condotel units and four of 96 villas.
Indochina Hoi An Beach Villas Company Limited posted a loss of VND210 billion ($8.25 million) on revenue of VND350 billion in 2022. In the first nine months of 2023, it earned revenues of VND220 billion ($8.64 million) and made a net profit of VND5 billion ($196,430).
- Related News
- Read More
State-owned housing developer HUD has new chairman
Dau Minh Thanh, chief of the Ministry of Construction (MoC) Office, has been appointed chairman of the ministry’s Housing and Urban Development Corporation (HUD).
Companies - Sun, November 17, 2024 | 9:34 pm GMT+7
Vietnam private lender LPBank reports $394 mln profit in 10 months
Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.
Banking - Sun, November 17, 2024 | 3:30 pm GMT+7
Vietnam stock market unlikely to experience further steep declines in next sessions: experts
The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.
Finance - Sun, November 17, 2024 | 1:30 pm GMT+7
Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam
Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.
Industries - Sun, November 17, 2024 | 10:00 am GMT+7
Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan
Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.
Companies - Sun, November 17, 2024 | 9:00 am GMT+7
Vietnam pledges to make more contributions to APEC cooperation
APEC leaders adopted a joint statement and endorsed two signature initiatives proposed by host country Peru: the Lima Roadmap to Promote the Transition to Formal and Global Economy and the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.
Politics - Sun, November 17, 2024 | 8:05 am GMT+7
Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026
Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.
Energy - Sun, November 17, 2024 | 8:00 am GMT+7
PM arrives in Brazil, beginning trip to attend G20 Summit
Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived in Rio de Janeiro, Brazil on November 16 afternoon (local time), beginning their three-day visit to attend the G20 Summit and have bilateral meetings.
Politics - Sun, November 17, 2024 | 7:30 am GMT+7
Vietnam-China partnership to enable export of Kim Long brand cars
Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.
Companies - Sat, November 16, 2024 | 7:13 pm GMT+7
Northern Vietnam province attracts $124 mln investment from Taiwan firm
Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.
Industries - Sat, November 16, 2024 | 7:01 pm GMT+7
Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025
Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.
Energy - Sat, November 16, 2024 | 3:20 pm GMT+7
Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go
Vinhomes, the largest housing developer in Vietnam, has spent around VND7 trillion ($275.7 million) on implementing its record buyback plan since kick-starting it on October 23.
Finance - Sat, November 16, 2024 | 1:21 pm GMT+7
Indonesia secures funding for green power infrastructure at COP29
Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.
Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7
Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB
Hanoi-based Quang Kim Development and Investment JSC acquired 17.2 million shares of Vietnam International Commercial Joint Stock Bank (HoSE: VIB) on Monday.
Banking - Sat, November 16, 2024 | 9:47 am GMT+7
Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts
Vietnam can take the advantage of protectionist economic policies by Donald Trump, the 47th president of the U.S., to strengthen its position in global supply chains, attract foreign investment, and drive sustainable economic growth, write Dr. Tran Ngoc Mai and Prof. Dr. Doan Ngoc Thang, lecturers at the Banking Academy of Vietnam.
Economy - Sat, November 16, 2024 | 9:30 am GMT+7
Former provincial Party chiefs receive warnings for Thuan An Group-related violations
The Politburo, Vietnam’s highest decision-making body, has issued warnings to Nguyen Xuan Ky, former Party chief of Quang Ninh province, and Bui Van Cuong, former Party chief of Dak Lak province, for violations related to Thuan An Group.
Politics - Sat, November 16, 2024 | 9:24 am GMT+7
