VIETNAM. Plans for one of Southeast Asia’s most ambitious mixed-use developments were stepped up on 29 March as The People’s Committee of Da Nang held a signing ceremony with Vietnamese conglomerate IPP Group (IPPG) to announce the city’s Master Plan Adjustment Project to 2030, with a further vision to 2045.
The Da Nang Financial Center project, recently approved by the Prime Minister, aims to build Da Nang into one of Vietnam’s and Southeast Asia’s major socio-economic centres by combining a financial centre with an integrated resort. The development is the brainchild of IPPG and its Chairman Johnathan Hanh Nguyen. It will cover 58 hectares in Da Nang’s Son Tra District, providing a range of financial services and a wide array of tourism and leisure options for international and local visitors.
[Click on the video to hear William Weidner, Chairman and CEO of Global Gaming Asset Management, talk about the Da Nang project]
IPPG will work with its consortium partners on a development plan before handing over the project to the People’s Committee of Da Nang later this year.
The People’s Committee of Da Nang directed relevant departments and branches to create favourable conditions for IPPG to select project investors in accordance with Vietnamese law. UK company Sherman, which specialises in the construction of global financial centre projects, has been selected as the main consultant for the project.
Speaking at the ceremony, Johnathan Hanh Nguyen said that IPPG was driven by a desire to contribute to the development of Da Nang city in particular and Vietnam in general, to realise the Government’s goal of making Vietnam a developed country by 2045.
He said that he and his partners – representing some of the world’s leading investors in financial centers, investment, and the design of resort hotels and casino entertainment complexes – had worked hard “day and night” to reach agreements.
Nguyen added: “We believe that in the near future Da Nang will become a city of finance, tourism, entertainment and shopping on a regional and world-class scale. The Government’s expectation is that by 2045 Vietnam will become a developed country.
“With the support of the Government in the coming terms and with the assigned mission, I pledge to contribute to bringing Vietnam forward in a multi-dimensional international way.”
In an interview with Vietnamese media house FNBC this month, Nguyen underlined the sense of national purpose that has underpinned his pursuit of the project. He said, “The Group has cherished for many years to create a financial centre in Vietnam, but due to many problems, it has not been done. At this point, the company had a chance to implement the idea and for over five years we have prepared carefully both financial and human resources.”
He praised his American partners, saying that they had “put all their faith in me and Vietnam”.
Look out for more on the IPPG story in coming weeks on The Moodie Davitt Report.com
ABOUT IPPG: IPPG, founded in 1985, is the pioneer of Vietnam’s luxury and travel retail sectors. It claims a 70% share of the Vietnamese luxury market. Subsidiary IPP Travel Retail operates a range of stores, food & beverage outlets and advertising services at Tan Son Nhat, Noi Bai, Da Nang and Phu Quoc airports as well as land border duty free shops. It also has interests in distribution, technology, wines & spirits, tobacco and media.
Founder and Chairman Jonathan Hạnh Nguyen is one of Vietnam’s most respected and influential business figures. He is also Chairman of Southern Airports Services Joint Stock Company (SASCO) and of Cam Ranh International Airport Company. Nguyen was recently awarded a ‘For the Cause of Education’ medal by the government for his driving role in the Vu A Dinh Scholarship Fund, a body that works exclusively to support the education of poor ethnic minority students.
| Extended Moodie Davitt coverage As part of our extensive reporting of the wider travel consumption ecoystem, The Moodie Davitt Report is expanding its coverage to selected mixed-use leisure and tourism developments such as the Da Dang project. Please send stories and images to Martin Moodie at Martin@MoodieDavittReport.com To subscribe to our complimentary newsletter launching soon, please email Sinead@MoodieDavittReport.com headed ‘Mixed-use Tourism Development Newsletter’ |
