Groundbreaking for the $250 million Vinh Hoi Resort project in Phu Cat district, Binh Dinh province took place on Wednesday, after two decades of delay.
Vietnamese American Hotel and Resort JSC, a 100% foreign-invested company, is the investor. Construction on the 230-hectare resort project, with two phases, is expected to complete in 2028.
It includes 1,129 villas, 1,192 hotel rooms, and other utilities like an 18-hole golf course, a shopping complex, a theme park, services and entertainment.
The developer plans to operate more than 200 luxury resort villas in 2024, including beach villas and hilltop villas of one to four bedrooms. An additional 400-500 units will debut each following year.
Vinh Hoi Resort will be run under 5-star international standards. Its design is set to prioritize environmentally friendly materials, and embellish the natural landscape with various green zones, preserving indigenous culture.
The project was first proposed in 2002 and officially registered for investment in 2007. With an initial scale of 234 hectares and a total investment of more than $250 million, construction was expected to complete in 2014. However, the project was shelved for two decades due to the investor’s incapacity.
At the end of 2020, VinaCapital, a leading investment fund in Vietnam, became the company's majority stakeholder, paving the way for the project’s relaunch.
The delay of the project has negatively impacted 500 households on the project site. Provincial authorities have built two relocation zones with 345 plots of land for their resettlement.