News in Hoi An Ancient Town
Plans have been unveiled for a major new tourism and residential project on Vietnam’s east coast.
An artist’s impression of the Marina section of the Vung Ro Bay development
Local company Vung Ro Petroleum has joined forces with the Rose Rock Group, an investment management and real estate firm founded by members of the Rockefeller family, to create a huge new US$2 billion mixed-use resort development in Vung Ro Bay, in the Vietnamese province of Phu Yen.
According to plans, the development will divide the picturesque Vung Ro Bay into three sections: ‘The Marina’, ‘The Village’ and Bai Mon Beach, which will be connected by a 2.5km pedestrian path called ‘The Green Thread’.
The Marina will make use of Vung Ro’s natural deep water and sheltered bay to create a new luxury yachting complex comprising 350 berths, along with a waterfront hotel, retail outlets, bars and restaurants.
The Village will be the central part of the complex, offering residential accommodation and a main 650-metre-long retail street. Finally, the 400-metre-long Bai Mon Beach will be developed to offer a range of watersports and a boutique hotel.
In total the complex is expected to comprise 760 hotel rooms, 4,300 apartments and 100 townhouses, along with 200,000m² of retail, F&B, entertainment, education and healthcare facilities.
“We are extremely excited to be embarking on this mega project,” said Kirill Korolev, CEO & general director, at Vung Ro Petroleum. “Our plan is to create a vibrant community for Vung Ro around the area’s natural beauty and provide a world class destination for discerning residents and visitors.”
Vung Ro Bay is located approximately half way between Ho Chi Minh City and Danang. The closest airport is Dong Tac, which is served by Vietnam Airlines with direct flights from Hanoi and Ho Chi Minh City.