Hai Phong Casino Plan Confirmed

A leading real estate firm in Vietnam has announced plans to develop an $870 million resort off the coast of Hai Phong. The project will reportedly include a casino, golf course, and eventually a casino.

Shares dipped on news

Vingroup, described in news report as Vietnam’s top real estate firm, announced last week that it is planning a resort island project off the northern port city of Hai Phong. Reuters reports that investors will spend about 19 trillion dong ($870 million) on the project, which will take five years to build.

The development will include villas, a golf course, an entertainment park, an eco-park and a cable car service in an area of more than 870 hectares (2,150 acres) on Vu Yen island, Vingroup said in a statement. The company will eventually add a casino, a five-star hotel and a marina.

It is not currently known if Vingroup will be the sole investor, Reuters reported. Vingroup shares fell slightly on the news.