Project signed between Vietnamese and UAE investors.
A cooperation project for the Ho Suoi Lon entertainment and sports park on Phu Quoc Island was signed between the Foundation Engineering & Underground Construction JSC (FECON) and the UAE’s Vault Investment Fund.
The park is expected to be built in the center of Phu Quoc Island on an area of 175 ha and include horse racing, shooting, car racing and water sports. The two partners are said to be researching clean energy supply for the park.
FECON is the local project developer and the Vault Investment Fund is the financial investor. A representative from FECON said that since 2014 the company has accelerated its market research and sought investment opportunities in Dubai (UAE) and Myanmar.
Vault Investment Fund belongs to Nakheel, one of the five largest real estate and infrastructure developers in the UAE.
Phu Quoc Island, of the coast of the Mekong Delta’s Kien Giang province, covers 567 sq km.
In June the government issued Decision No. 88 on the development plan for the island to 2030, with 4,300 ha set aside for tourism, 3,325 ha for a residential and tourism complex, and 1,234 hectares for forests. Several projects to build harbors and monuments are in the pipeline.