The proposed Vung Tau Marina City will include an amusement park, movie theater, performance center, high-end apartments, villas, and luxury restaurants. It will accommodate 7,500 residents and 12,000 tourists a day.
The Tuan Chau group will build the massive development, as announced by the People’s Committee of Ba Ria Vung Tau Province, to boost domestic and foreign tourism and cater to local residents. It will occupy a coastal area of 345 hectares from Bai Truoc to Bai Dau beaches and be accompanied by a public swimming area and international port accessible by yachts.
If the proposal is approved and proceeds according to plan, it will be one of the largest projects ever built in Vung Tau. Ba Ria-Vung Tau Province is currently seen as having the potential to develop in ways similar to vacation hotspots like Nha Trang, Da Nang, and Phan Thiet.
The province is currently home to 72 resort projects occupying 2,350 hectares with VND248.6 trillion (US$11.3 billion) in total registered capital. Twenty-six additional projects on 491 hectares of land are under construction with a total registered capital of VND9.18 trillion (US$417.27 million), according to VietnamNet. Approximately 16.8 million people visited the province last year, and brought in VND2.18 trillion (US$99.4 million) in revenue.
Despite its potential and current growth, the area has been plagued by several stalled projects including the VND90 trillion (US$4.1 billion) Saigon Atlantis Hotel boondoggle, which remains an empty lot after 11 years of development. Poor planning and the 2008 financial crisis have hindered development. Chairman of the Ba Ria-Vung Tau People’s Committee Nguyen Van Trinh says that regulations and central planning efforts must be improved, while land fees should be lowered, according to the news source.
The province is located in the Southern Key Economic Zone, which includes Saigon, and is home to 17% of Vietnam’s population. The area contributes 40% of the country’s export turnover, 60% of national budget, attracts 60% of overseas projects and 50% of foreign investment in Vietnam.
Before announcing the Vung Tau Marina City, Tuan Chau Group recently began construction on an entertainment, tourism, and real estate complex in Dien Ban in the central province of Quang Nam. The project is proceeding with total investment capital of VND3 trillion (US$133.3 million).
[Photo via Dia Oc Alibaba]
