A provincial tourism official told the Daily yesterday the company, a joint venture between Vietnam's Chau Tho Joint Stock Investment Company and a Ukrainian investor, would spend around US$400 million to develop the project in phases.

The complex is located in Tien Thanh Commune in Phan Thiet Town, which is known for hundreds of ecological resorts, said Le Thi Thanh Lien, deputy director of Binh Thuan's Department of Culture, Sport and Tourism.

This is the largest tourism project to be licensed into the central coast province, followed by another project on 600 hectares by a foreign company in nearby Bac Binh District, she said.

According to the department's planning and investment division, the tourism complex named Ocean Valley will have main sections including a villa area of 250 units, an 18-hole golf course, an entertainment area, and a hotel area.

The first-stage development from 2009 to 2015 will include plans to build two to three five-star hotels there.

"The investor expects to start work on the project in the quarter of next year. US$400 million is planned as the initial investment for the project," said the division's representative.

According to the department, Binh Thuan currently has given blessings to 402 tourism projects with total pledged investment capital of VND19.63 trillion, or nearly US$1.2 million, including around 110 operation projects. Most projects there are locally-owned, as there are only 27 foreign-invested projects.

Last Saturday, a local investor named Rang Dong Construction Co. opened the 18-hole golf course Sea Links Phan Thiet in Ham Tien-Mui Ne area, about 10km from the center of Phan Thiet Town.

This golf course covers over 160 hectares, excluding the working and villa areas. The company has plans to build more facilities such as a five star hotel, an entertainment area, and others.

In the first half of 2008, the province has welcomed over one million tourists, up 12.8% year on year, but only around 10% of them are foreigners. Tourism revenue is worth VND660 million in the first six months, up 33.7% year-on-year.

Source: Saigon Times