Topvina to transform island complex
Viet Nam News, Vietnam
HA NOI — South Korea-based Topvina Corporation has signed a 40-year contract to lease the Tuan Chau Tourism Complex from the Au Lac Company.
Topvina plans to spend US$20 million over the next three years to upgrade the resort’s existing facilities, and build a new sports complex at sea and several high-grade seafood restaurants.
The investor also plans to improve performances at the complex’s entertainment facilities.
Lee Cheon Suk, Topvina general director, said recently that the company wants to bring Korean performance technology to the stage during the renovations.
The investors believe the Tuan Chau complex is in an advantageous location and has the potential to become a well renowned tourism, entertainment, and cultural facility, attracting travelers from Korea, Japan and across Southeast Asia.
Topvina took over the complex earlier this month and has already begun construction and renovation work, which is expected to be complete next summer.
In addition to the leasing deal, Au Lac and Topvina executives are negotiating the possible construction of a new five-star hotel. If the two sides can find common ground, Topvina plans to inject another $30 million into the hotel project.
Topvina is also scheduled to open a wooden products production factory in Viet Nam in June 2007. Topvina specialises in five industries: services, commerce, construction, handicraft and paper. — VNS