A MoU between the Asia Coast Development Company Ltd and the Cotec Construction Joint Stock Company (CotecCons) was signed in Ha Noi yesterday — Photo baodautu.vn

HA NOI (Biz Hub) — A memorandum of understanding between the Asia Coast Development Company Ltd and the Cotec Construction Joint Stock Company (CotecCons) was signed yesterday to co-operate on a US$75 million expansion of the Grand Ho Tram Strip's resort complex.

Signed at an event hosted by the American Chamber of Commerce and Viet Nam Chamber of Commerce and Industry (VCCI), the MoU outlines the construction by CotecCons of a new hotel tower, which will add 559 rooms to the complex, increasing total capacity at the resort to 1,100 rooms.

A memorandum of understanding between the Asia Coast Development Company Ltd and the Cotec Construction Joint Stock Company (CotecCons) was signed yesterday to co-operate on a US$75 million expansion of the Grand Ho Tram Strip's resort complex.— Photo soha.vn

With the MOU, the project's total investment will reach $1 billion.

At the signing, Michael Kelly, executive chairman of the Grand Ho Tram Strip project, confirmed his commitments to "not only escalating investments in Viet Nam, but also empowering Vietnamese companies and citizens through the Grand Ho Tram Strip's operations, such as our partnerships with CotecCons, Vietjet and our appointment of Vietnamese citizens to senior management positions at our resort."

This MOU represents another step forward for US-Viet Nam co-operation, and underscores the mutual gains that can be achieved when US and Vietnamese enterprises engage, he said. — VNS