Building materials giant makes first foray into tourism, services and real estate, in northern Yen Bai province.
The Hoa Sen Group held a breaking ground ceremony on May 19 for the construction of the Hoa Sen Yen Bai Hotel and Trade Center project in Yen Bai city, Yen Bai province.
“Hoa Sen Yen Bai is the first tourism, service and real estate project of the Group, marking a new step in a completely new business sector,” the Group said.
Covering 1.5 ha, the new project has total investment of VND1.2 trillion ($54 million) and is expected to be completed by 2020. The largest international-standard hotel and commercial center in Yen Bai, the project will have a 15-storey complex that includes a business center, a conference center, a four-star hotel, a restaurant, a café, and luxury apartments.
It promises to bring significant change to Yen Bai city in particular and Yen Bai province in general, awakening potential and promoting tourism as a key economic sector of the province in the future, the Group said.
Construction will consist of two phases. The first, carried out from now to June 2017, will see the building of basic infrastructure, the lower levels of the four-star hotel, and the commercial center, conference center, wedding reception center, café, and car park. The second phase, from June 2019 to June 2020, will complete remaining items in the project, such as the remaining floors of the hotel and apartments. Once completed the complex will help the city maximize its inherent potential and become an economic center in Vietnam’s northwestern region.
It also brings a great deal to local people through the provision of high-quality commercial and entertainment services and will be an ideal location for both domestic and foreign tourists, while presenting attractive investment opportunities in the future.
The Hoa Sen Yen Bai Hotel and Trade Center expresses the daring and vision of the Hoa Sen Group during Vietnam’s global integration. As the market economy opens up a host of business opportunities the Hoa Sen Group, with its flexible and creative business strategies, has quickly grasped opportunities to expand its investment fields, with a view to not only being a leading supplier and distributor of building materials in Southeast Asia but also a multi-business group of Vietnam, confirming its position among the “2015 Global Growth Companies”, as noted at the World Economic Forum.