The Vietnamese Ministry of Planning and Investment has submitted a report to the Prime Minister for a $2.18 billion integrated resort, in the Van Don Economic Zone, in northern Quang Ninh Province.
According to a report by VNExpress, the project will have an initial capital of VND51.55 trillion ($2.18 billion), and should be completed by the third quarter of 2032, spanning less than nine years of construction, and once approved, it will operate for a duration of 70 years.
The People’s Committee of Quang Ninh has proposed to build the complex, a premium tourist destination with hotels and resorts, on a 245-hectare site in Van Yen village, Van Don district.
Van Don is a 2,200 square kilometer Strategic Administrative Economic Zone (SAEZ) in northern Vietnam, with over 43,000 hectares of land spread over 30 islands and across the Elephant River Valley.
After its operational start, the integrated resort is expected to generate an average annual after-tax profit of VND8.16 trillion ($336.2 million), with a break-even point of 32.8 years.
The casino will be one of only two in Vietnam permitted to serve Vietnamese nationals, a policy enacted in 2016.
