PJICO Thang Long signs the contract to insure Vingroup's real estate projects in Ha Noi.— Photo PJICO

HA NOI (Biz Hub) — Petrolimex Insurance Corporation (PJICO) will insure three ongoing real estate projects of Vingroup that have a total investment of nearly VND6 trillion (US$285.7 million).

They include Vincom Nguyen Chi Thanh in Ha Noi, Vinpearl Phu Quoc on Phu Quoc Island, and Vincom Ha Long in the Quang Ninh Province.

Vinpearl Phu Quoc is an ecotourism site located in the northwest of Phu Quoc Island. It covers an area of 304 hectares and runs four kilometres along the coastline. The project with a total investment of VND2 trillion (US$95.2 million) is expected to be inaugurated by the end of this year.

The work on the Vincom Ha Long commercial centre is also expected to be completed by the end of 2014. The 7-storey structure covers an area of nearly 16,000 square metres and will have numerous stores and an entertainment area. It received an investment of approximately VND700 billion (US$33.3 million).

The Vincom Nguyen Chi Thanh complex project comprises of offices, apartments, commercial services and a kindergarten. It covers an area of over 13,000 square metres at No. 56 Nguyen Chi Thanh. The project has a total investment of nearly VND3 trillion (US$142.8 million) and is due for completion by the end of 2016.

Earlier, PJICO was also selected as the sole insurance provider for Vingroup's production and business operations following an agreement signed in January. — VNS