K-Pop mogul-linked $99 mln entertainment, tourism project in central Vietnam clears key hurdle

A nearly VND2.6 trillion ($98.74 million) entertainment and tourism project backed by a company associated with K-pop mogul Lee Soo Man has cleared a major regulatory hurdle after Gia Lai province authorities okayed the conversion of more than 191 hectares of forest land for its implementation.

The approval by the provincial People's Council paves the way for the development of the Cultural, Sports, Entertainment, Commercial Services and Tourism Complex No. 1, a 308.2-hectare project invested by Blooming Sky Co., Ltd.

Of the total area, 191.56 hectares consist of planted protection forest requiring formal conversion procedures.

According to the Gia Lai People's Committee, the project is expected to become a new symbol of Gia Lai's cultural industry and help position the central Vietnam province as a tourism destination of regional significance in Southeast Asia.

Designed as a hub connecting art, creativity and tourism, the complex is projected to attract high-spending visitors and welcome around 1.2 million international tourists annually once operational.

The project is also expected to contribute significantly to the provincial budget through corporate income tax, value-added tax, personal income tax, and various service- and land-related fees.

According to Blooming Sky's environmental impact assessment report, the project site is located along the coast, bordered by the East Sea (internationally known as the South China Sea) to the east and an existing coastal road to the west. The northern boundary adjoins sand dunes and casuarina plantations, while the south borders casuarina plantations and a high-tech shrimp farming area.

The investor said the site benefits from existing transport infrastructure and local support for the project. However, infrastructure in the area remains incomplete, and further studies will be needed to integrate and restore existing systems, particularly rainwater drainage and agricultural irrigation networks.

The complex was approved by the Gia Lai provincial People's Committee in November 2025, with a total investment of nearly VND2.6 trillion ($98.74 million).

The provincial government has also signed an investment cooperation memorandum with Blooming Sky for the Cultural, Sports, Entertainment, Commercial Services and Tourism Complex No. 2, with an estimated investment of VND5.8 trillion ($220.26 million).

Speaking at the "Gia Lai 2026: Activating the Sea-Highlands Corridor" conference in March, Pham Anh Tuan, Chairman of the Gia Lai provincial People's Committee, highlighted Lee Soo Man's development as one of the province's flagship projects.

According to Tuan, the overall development will span 700 hectares, including a 100-hectare mega-concert venue.

"By August this year, Gia Lai is expected to host its first world-class mega music festival. Under agreements between the local government and the investor, a global-scale music event will be organized in the province at least once every quarter," Tuan said.

The new Gia Lai province was formed in July 2025 following the merger of Gia Lai and Binh Dinh provinces.