A corner of Da Nang city (Photo: VNA) – The People’s Committee of central Dang Nang city and
the Import-Export Pan Pacific Group (IPPG) has signed a Memorandum of
Understanding (MoU) on the development of an international and regional finance
centre to attract investors in the future.
Director
of the city’s Investment Promotion Agency (IPA), Huynh Thi Lien Phuong said the
MoU, which was signed late last month, aimed to build a trading centre, casino,
high-end entertainment and luxury apartments in the coastal area.
She
said the project would be built on an area of 84,000.sq.m on the beach-front on
Vo Nguyen Giap and Vo Van Kiet streets in the Son Tra peninsula.
Phuong
said Da Nang authorities would auction land-use rights for the
finance-trade-casino complex in the future.
She
said the city was drawing up a detailed plan for the first international
duty-free zone and smart urban area for investors.
Last
year, five key investors – the Import-Export Pan Pacific Group (IPPG), T&T
Group, New Techco company from Vietnam, and Sakae Holding and another
company from Singapore – registered for a land-use rights auction for a 2
billion USD finance-trade-casino complex in the central city.
Jonathan
Hanh Nguyen, who is chairman of IPPG Group, urged the city to build an
international standard duty-free zone and recreational area for tourists.
The
city’s Department of Natural Resources and Environment said four plots on two
coastal facade Vo Van Kiet and Vo Nguyen Giap streets were reserved for
finance-trade-casino complex development.
Two
years ago, IPPG failed to negotiate with Trung Nam Group to make the
Golden Hills area the first duty-free zone and factory outlet centre in central
Vietnam.
Last
month the first downtown free-duty shop, VV Mall was launched at the
beach-front Crowne Plaza Da Nang resort in Ngu Hanh Son district.
The
Universal Alloy Corporation (UAC) from the US has launched the first aerospace
parts project, while LG Electronics began construction of its R&D centre in
the city.
Da
Nang, which is situated at the end of the East-West Economic Corridor, linking
Laos, Thailand, Myanmar and Vietnam, is planned as a global destination of
tourism, finance, logistics and hi-tech investment./.