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.

VNA

President lauds Da Nang, Quang Nam for achievements

State President Nguyen Xuan Phuc lauded the central city of Da Nang and the neighbouring province of Quang Nam for their achievements over the past years during a working session with their leaders on April 10.