Ly Son Island. — Photo vietnamplus.vn

QUANG NGAI (Biz Hub) — A VND2,839-billion (US$132 million) socio-economic development project in Ly Son island district in the central province of Quang Ngai has been approved, vtv.vn reported on January 12.

The 330ha project will provide various services to meet diversified standard-to-luxury demands. The island is also expected to have beaches, villas, entertainment complexes and civil aviation services, besides a dock for yachts, among others.

The state budget will contribute four per cent of the total investment, equivalent to VND120 billion ($5.5 million), and the rest of the capital will be mobilised from investors.

The project will be divided into two phases. The VND1,337-billion ($62 million) first phase will run from 2015 to 2020, while the second phase will be between 2021 and 2025.

It is estimated that 40,200 tourists will arrive in Ly Son Island district this year. The number is expected to increase following the completion of the project, with the opening of new services such as resorts, seaplane services and entertainment parks. — VNS