The US$4 billion-Nam Hoi An casino resort in central Quang Nam Province is expected to see progress soon. -- Illustrative photo dantri.com.vn

QUANG NAM (Biz Hub) — The US$4 billion-Nam Hoi An casino resort, whose development has been hindered due to investors changing repeatedly over the last more than four years, is expected to see progress soon.

The authorities in the central Quang Nam Province granted a new investment licence last week to a joint venture established by VinaCapital, Chow Tai Fook and Sun City companies to develop the complex on the coast of the Duy Xuyen and Thang Binh districts.

They plan to adopt an initial capital of $500 million for the first phase of the project.

VinaCapital, Viet Nam's largest fund manager, had already received a licence for the project in December 2010, in conjunction with Malaysian investor Genting Berhad. They have registered to build hotels, villas and dwellings for sale, along with a casino for foreigners.

VinaCapital would reportedly hold an 80 per cent stake in the project, and Genting Berhad, the remainder. It had also introduced Peninsula Pacific of the United States as a potential co-investor in November 2013, after the Malaysian firm announced its withdrawal in late 2012.

The latest co-investors had been identified as Chinese firms: Chow Tai Fook from Hong Kong and Sun City from Macau.

VinaCapital had suggested reducing the scale of Nam Hoi An from about 1,500 hectares (ha) to 1,000ha in 2013. However, Dien dan Doanh nghiep (The Business Forum) had said the complex would cover a total area of 1,700ha and that investors had worked out development plans for some 985ha.

Nam Hoi An was among the 12 projects that received investment certificates in Quang Nam last week, and 17 projects here this year.

Quang Nam People's Committee standing Vice Chairman Dinh Van Thu said the new licensing was part of the province's efforts to establish a reliable partnership with investors, and to accelerate progress and efficiency of investments.

Biz Hub reported last October that VinaCapital managed an asset portfolio amounting to $1.5 billion. The company covers capital markets and private equity, as well as fixed income, venture capital, property and infrastructure.

Chow Tai Fook, a company with investments in property and jewellery, is run by the family of Cheng Yu-Tung, one the richest men in Hong Kong. Sun City is a hotel and entertainment group, which also deals in casinos. — VNS