Canada casino-resort group plans USD 4.2 billion project in Vietnam

Hanoi (Thomson Financial) – Vietnam has given the go-ahead for a Canada-based casino and resort group to build a USD 4.2-billion tourism complex in a southern beach area near Ho Chi Minh City, the government said Thursday.

Asian Coast Development (Canada) Ltd., or ACDL Group, has received the green light for the project in the seaside province of Ba Ria-Vung Tau, east of Vietnam’s largest city and port, formerly called Saigon.

The ground-breaking ceremony Saturday will be attended by former Canadian prime minister Jean Chretien, who is currently visiting the Southeast Asian country, said a report on the official government website.

The 160-hectare complex will include a resort area, conference and exhibition centre, a shopping hall, restaurants and entertainment facilities, the Vietnam Chamber of Commerce and Industry said in an online report.

Construction of the project, also set to include a golf course designed by Greg Norman, is scheduled to start in the second half of 2008 and be completed by 2011, the company said on its website.