Vietnam T&T Group, Qatar partner to build $3.2 bln Disneyland park in Hanoi

Vietnam’s conglomerate T&T Group and Qatar’s JTA International Investment Holding will jointly build a $4.5-billion sports and entertainment complex in Hanoi, featuring a Disneyland theme park worth $3.2 billion.

The two sides signed a memorandum of understanding for the joint plan on Thursday, part of a meeting in Doha between Vietnamese Prime Minister Pham Minh Chinh and JTA leadership.

JTA will arrange the finances for the project, while T&T Group will cooperate with the Qatari partner to study, design, and operate the project.

The project also features a sports complex worth $1.3 billion per Olympic standard, including a 60,000-seat stadium, training facilities, and indoor and outdoor venues.

Overall, the $4.5-billion complex will cover 330 hectares in Dong Anh district of Hanoi. It is expected to transform Hanoi into a top tourism attraction in Vietnam and the region.

The complex will utilize green and modern technology and can fulfill conditions to hold top sports events per Olympic standard, said T&T Group vice chairman Do Vinh Quang.

For his part, Prime Minister Pham Minh Chinh lauded the project, saying that Hanoi currently has no outstanding sports facilities to serve its 10 million citizens. In the long term, the sports complex should run supplementary services, he added.

He also called on JTA to invest more in Vietnam and connect more Qatari businesses to invest in the Southeast Asian country. Local authorities would back investments and help with administrative procedures, he said.