A Dubai-based company is reportedly planning to invest $262m in an ecotourism project in Vietnam.
The People’s Committee of Thanh Hoa province has announced that Magnum Group is set to invest in Truong Le Mountain ecotourism zone and South Sam Son coast project.
According to local media, the project will include a golf complex and a luxury international resort.
Sam Rehani, Magnum's chairman and general director, visited the province recently to sign an investment agreement with Dong A Real Estate Corporation, Vietnamese media reported.
The company is said to be planning to send world renowned experts in planning to research and develop the project.
Reports said both sides agreed that this project would be an initial step for the Magnum Group to invest in other areas in the province.
Trinh Van Chien, chairman of the provincial People's Committee, urged both parties to complete necessary procedures to launch the project as quickly as possible.
He said the project was still in the planning stage.
Truong Le Mountain is located in the south of Sam Son Town, 16 kilometres from the Thanh Hoa City centre.