The National Oil Services Co of Vietnam and South Korea’s Natural Tourist Corp are planning to build a five-star hotel in Vung Tau on the coast of Ba Ria-Vung Tau Province.
An agreement to this effect will be signed next week, OSC Vietnam director Nguyen Van Toan told the Daily.
The 200-room hotel will be built where the run-down Thang Muoi Hotel still stands at Bai Sau (rear beach) and will include a 5,000-seat conference hall. Although the allocated project site extends for 11 hectares, only three hectares will be used initially.
Toan said the Korean partner intended to invest some US$30 million in the project.
Meanwhile, the land is only valued at US$2 million. “This is just an initial assessment as the old hotel has deteriorated badly,” he said.
“We’ll discuss our respective capital contributions, and our plans for building the hotel, after we sign the agreement on December 10.”
Vung Tau-based OSC Vietnam began looking for foreign companies to jointly build hotels and resorts in Vung Tau and Da Lat nearly six months ago. The Koreans are the first to respond positively.