Quang Ninh, home to world-known Ha Long Bay, is seeking investors for the VND24.9 trillion ($1.07 billion) Monbay Van Don multi-function complex project in the northern province.
Investors will be selected through extensive bidding in the second quarter of this year, local authorities announced.
Prime Minister Pham Minh Chinh in February approved the investment policy for the project, which spans nearly 300 hectares in Ao Tien urban area, Ha Long commune, Van Don Economic Zone (EZ).
Monbay Van Don will feature a high-end entertainment and resort complex, with a golf course, and a residential area.
It is set to provide high-quality accommodation, entertainment and tourism services, receiving about 3,000 visitors a day, and providing houses to 9,800 residents.
The complex comprises 20.1-hectare sea area and 280-hectare land area. Of this, 276 hectares are allocated for the project, while the remainder belongs to the Ba Vung relic area and Cai Rong urban area's central trunk road.
The 70-year lifespan project was set to be completed in nine years following land allocation, and divided into three phases. The first phase would last from Q2/2022 to Q4/2023, with a $302 million investment in infrastructure, a golf course, resort areas, and marina.
Capitalized at $302 million, the second phase will focus on resorts, entertainment areas, and low-rise housing during the 2024-2025 period.
The last phase, which spans from 2026 to Q4/2029, will focus on high-rise buildings and cost $475 million.
The project is also divided into seven subdivisions, three of which include commercial housing covering 101 hectares, providing 236 villas, 257 townhouses, 2,614 apartments, and 606 social houses.
Two companies have registered to implement the project, namely HDMon Van Don Investment JSC and the Van Phat Hung-Xuan Dinh joint venture, according to Van Don EZ’s management board.
Van Don EZ was planned to become a multi-sector marine EZ, a center of high-class sea and island tourism, as well as an aviation and international commercial hub, promoting provincial economic growth.