Vietnamese giant Vingroup's subsidiary to kick off sea encroachment tourism-urban area project next week

Can Gio Tourist City Corporation, a subsidiary of Vietnam's private conglomerate Vingroup, is making final preparations to break ground on its sea encroachment tourism-urban area project in Ho Chi Minh City on April 19.

The project has an area of 2,870 hectares and total investment capital of more than VND217.05 trillion ($8.44 billion), according to the 1/500 detailed planning approved by HCMC authorities earlier this year.

It is located in Long Hoa commune and Can Thanh township, all in the coastal district of Can Gio, about 50 km southeast of HCMC's center.

The project, including four subdivisions A (953.23 hectares), B (659.87 hectares), C (318.32 hectares), D (480.46 hectares), and E (458.12 hectares), will be home to nearly 230,000 people and capable of welcoming 8-9 million visitors each year.

It aims to become a complex with smart urban areas, marine tourism areas, resorts, hotels, and high-tech services.

Can Gio Tourist City Corporation on Wednesday sent a document to the Can Gio district People’s Committee seeking support in organizing the groundbreaking ceremony scheduled for April 19.

HCMC authorities said the event, taking place just weeks before the 50th anniversary of the liberation of the South and national reunification (April 30), is expected to give a boost to the city.

According to a decision to adjust the investment policy for this project in June 2020, the project scale was increased from 600 hectares to 2,870 hectares.

Of its total investment of VND217.05 trillion ($8.44 billion), nearly VND33 trillion ($1.28 billion) will come from the company's equity. The project will be implemented over 11 years and operate for 50 years.

Under the HCMC planning for the period 2021-2030, with a vision until 2050 approved by Prime Minister Pham Minh Chinh, Can Gio, HCMC’s only coastal district, will become an ecological urban area, with biosphere reserves preserved.

It will focus on marine economic development, with transshipment ports, a free trade zone, logistics, tourism, marine ecological urban areas, and renewable energy.

To achieve this goal, in addition to the sea encroachment tourism-urban area project, HCMC has the Can Gio international transit port project, with total investment capital of about $6 billion.