Malaysia's Giant Group Limited has plans to pour billions of dollars into the Mekong Delta province of Dong Thap, developing a colossal hotel, new urban area, and an entertainment complex, an official of Dong Thap Planning and Investment Department said yesterday.
Chau Hong Phuc, deputy director of the department, told the Daily that the group has proposed to locate its US$5 billion project at the Dinh Ba border-gate economic zone in Tan Hong District.
Last month, representatives of the Malaysian investment company presented its proposal to the Ministry of Planning and Investment.
This is the biggest tourism project in Dong Thap, so the company will be required to prove that it has enough money to get the project rolling, the source said.
At the meeting, provincial authorities and the ministry stressed that the investors must prove its financial ability before studying the project and requested more information. The company has a month to prove its financial capacity.
The provincial government supports the firm's investment in Dong Thap as it will add momentum to boosting local socio-economic development.
An investor's proven financial capacity is deemed an essential condition, the source said. The local government will scrutinize the foreign investor's financial ability to work out such a large project.
After the investor has proven its financial capacity, it will be allowed to make the feasibility study, which must be submitted to provincial leaders. After the official approval, the study will be transferred to the Ministry of Planning and Investment, the source said.
He said the investor had earlier visited the province and expressed a wish to carry out the project in February.
The project requires 1,000 hectares on the border with Cambodia and will include casinos, a golf course, a supermarket and a commercial center.
Source: Saigon Times