Truong Hai Group, a multi-sector Vietnamese conglomerate, is seeking to invest in the Long Thanh Tay tourism and resort complex project in Quang Nam province, central Vietnam.
The group had expressed its interest in the project in recent talks with provincial authorities.
The 32-hectare project will cover the entire area of Long Thanh Tay Island, a distinct oasis of the Tam Hai Island commune, Nui Thanh district. It is largely cut off from the outside world by Truong Giang River, with about 100 households.
Residents on the island confront numerous tough natural conditions, like a shortage of clean water and transportation, and reliance on the river for their livelihoods. Quang Nam authorities planned to relocate the residents inland to improve their lives.
In 2003, Thaco invested in Chu Lai Open Economic Zone in Nui Thanh district. This is Vietnam’s first coastal economic zone in line with the government's plan on developing coastal economic zones by 2020.
The group planned to embark on several other projects in Quang Nam, including the 1,150-hectare expansion project of the Chu Lai Truong Hai automotive mechanical industrial park, costing VND1,000 billion ($43.4 million); and the 451-hectare Thaco Chu Lai agroforestry industrial park with a total investment of VND8,118 billion.
Thaco also planned two large-scale urban projects, including the 329.32-hectare Chu Lai, and Tam Hoa-Tam Tien urban areas.
Quang Nam authorities in late 2021 called on Thaco to invest in the Tam Hiep port expansion project. The group is investing in port logistics and infrastructure to develop the complex into a large-scale international container hub.
Quang Nam is home to two world cultural heritages, the Hoi An ancient town and My Son ancient temple complex, as well as Cu Lao Cham world biosphere reserve. It has become one of nine provinces with a double-digit growth rate, ranking fifth in the country and first in the central key economic region.
Many large enterprises have invested in Quang Nam, including Thaco with mentioned projects; Vingroup with the 200-hectare Vinpearl Nam Hoi An tourism and resort complex project in Thang Binh district, with a total investment of VND5,000 billion; Nam Hoi An Development Co., under VinaCapital Group, with the $4 billion, 985-hectare Nam Hoi An resort project in Duy Xuyen and Thang Binh districts.
Panko Group, a Korean real estate developer, recently requested 350 hectares in Hoi An or the east of Duy Xuyen district to develop smart urban areas and golf courses. FLC, NovaGroup, and Sun Group have also invested in Quang Nam.
Among the giants, Thaco is the most important enterprise, accounting for VND6,225 billion or 40.7% of Quang Nam’s budget over 11 months of 2021.