Two sign MoU on strategic investment in central province's tourism development.
Bitexco signed a memorandum of understanding (MoU) on October 12 with the Thua Thien Hue Provincial People’s Committee regarding strategic investments.
As a strategic investor Bitexco will mobilize resources to conduct and study projects in the central province and also attract other investors. The province, meanwhile, commits to creating the conditions and policies necessary to attract investors and projects.
According to the Provincial People’s Committee, Bitexco will research and develop projects in tourist infrastructure of international standard and tourism products of high quality to attract visitors to Hue, such as building luxury hotels and resorts under its Aman Resort brand or equivalent in the city, with total investment of $8.5 million, the My An hot springs resort with investment of $13.5 million, upgrading the Sai Gon Morin Hotel with estimated capital of $10 million, and establishing a consortium of hotels and resorts with total investment of $30-$50 million, including a resort and seminar and conference facilities in order to promote MICE tourism.
“Bitexco will work with the province and major partners in the research and planning of urban areas, industrial zones, economic zones and tourist sites to bolster Hue’s attractiveness as a destination for tourism and promote socio-economic development in the province,” said the Chairman of the Bitexco Group, Mr. Vu Quang Hoi.
Bitexco has already invested in The Manor, a luxury apartment and shopping center on To Huu Street in Hue, with investment of VND600 billion ($26.7 million). It has also invested in two hydro-power plants in the province, with an average power output of 200 million KW, contributing more than VND30 billion ($1.3 million) to the local budget each year.