The inside of the Grand Ho Tram Strip resort and casino in the southern Ba Ria – Vung Tau province. — Photo thegrandhotram.com

HA NOI (Biz Hub) — Construction of the Nam Hoi An Casino Resort Project will begin in the UNESCO heritage city of Hoi An in the central Quang Nam Province on April 23.

With total investment of US$4 billion, the project will become Viet Nam's second largest casino resort after the Grand Ho Tram Strip resort and casino in the southern Ba Ria-Vung Tau Province, Do Xuan Dien, head of the management board for the Chu Lai Open Economic Zone, told Viet Nam News.

Dien said the project was issued an investment certificate in 2010, but it was still delayed, especially after Genting Malaysia Berhad, a member of Malaysian Genting Group, announced its withdrawal from the project in September 2012.

This made it difficult for the remaining investors, including major stakeholder VinaCapital, to mobilise funds for the project. Not until early last year were the latest co-investors identified, comprising two Chinese firms: Chow Tai Fook from Hong Kong and Sun City from Macau.

The first phase of the Nam Hoi An project will cost $500 million and cover an area of 160ha.

VinaCapital told Dau Tu newspaper that it would co-operate with Chow Tai Fook and other co-investors to map out a plan in raising capital to hasten the implementation of the project, adding that the company would increase its investment capital from 22.5 per cent to 32 per cent. — VNS