Last Sunday, central Vietnam's Quang Nam province began its biggest development project to date.
Developers broke ground on the US$4 billion Nam Hoi An resort complex in the presence of Vietnam’s new prime minister, Nguyen Xuan Phuc, reports Tuoi Tre. Over the next 19 years, VinaCapital and Gold Yield Enterprises, the project's two investors, will transform 985.6 hectares of land – spanning across three of Quang Nam’s communes – into a world-class entertainment complex which is set to include an 18-hole golf course, a foreigners-only casino, a shopping mall, a personnel training school and 1,000 villas and hotel rooms.
While this is undoubtedly a major undertaking, the Nam Hoi An complex will also create over 2,000 jobs for local residents upon the completion of its first phase in 2019, reports Dau Tu Online. The project will also make a significant tax contribution to Quang Nam's provincial budget. Nam Hoi An is expected to undergo seven phases of construction, reaching full completion in 2035.
VnEconomy estimates the project's construction will require over 1,800 households with over 8,000 people to relocate. Of the project's entire budget, US$6 million has been transferred to local authorities for site clearance and other ancillary works.
[Photo via Bat Dong San]
