Industry News
Asian Coast Development Ltd., with offices in Toronto and Vancouver, says the Ho Tram Strip project in southern Ba Ria Vung Tau province - 125 kilometres east of Ho Chi Minh City - has just been licensed by the Vietnamese government.
Current plans call for the complex to feature two luxury hotels with 2,300 rooms, a casino, and a golf course.
The developer says the first phase of the project is scheduled to be completed in 2011.
The entire 169-hectare resort is planned to be operational within 10 years, according to the developer.
A statement from the Vietnamese government indicates "former Canadian Prime Minister Jean Chretien will attend Saturday's ground breaking ceremony."
Chinese, Korean Gamers
Today, gambling is banned for Vietnamese, but the Communist country allows foreigners to gamble at several casinos there. Most of the gamers are Chinese and Koreans.
Vietnam received 1.7 million foreign visitors in the first four months of 2008, up 16 percent from the same period last year, government figures indicate.
The new casino, when completed, will feature more than 500 slot machines and nearly 90 table games, the Canadian group said. The company has set up a web site for the casino project, at http://www.hotramstrip.com .
Canada now ranks 21st among countries and territories investing in Vietnam.
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