Hospitality giant licensed to build $26 million hotel and shopping mall development.
Muong Thanh Hospitality was granted an investment license on December 23 to develop a five-star hotel and shopping mall complex in northern Ha Nam province.
With total investment of VND600 billion ($26.6 million) the project spans an area of over 12,000 sq m in Phu Ly city.
After researching the investment environment in Ha Nam, which holds many advantages from its position as Hanoi’s southern gateway, Muong Thanh decided to develop the complex to meet demand among domestic and foreign visitors, Mr. Le Thanh Than, Chairman of Muong Thanh Hospitality, said at the license granting ceremony.
The number of foreign tourists visiting Vietnam in November stood at 732,740, a 12.9 per cent increase against October and 20.4 per cent higher year-on-year, according to the Vietnam National Administration of Tourism. For the year as a whole Vietnam targets welcoming 7 to 7.5 million international tourists and 36 to 37 million domestic tourists, with total revenue to reach $10 to $11 billion, contributing 5.5 to 6 per cent to GDP.
The Ha Nam government has been active in creating the most favorable conditions possible for investors, according to Mr. Nguyen Xuan Dong, Chairman of the Ha Nam Provincial People’s Committee. “We believe Muong Thanh will see positive results from this investment,” he was quoted as saying.
With 17 years experience in hospitality, Muong Thanh is one of the largest hotel chains in Vietnam, owning 47 three- to five-star hotels nationwide, including in Hanoi, Ho Chi Minh City, Bac Giang, Quang Tri, and Can Tho. Each features the characteristics of the local region.