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Golf courses prove to be a suitable field for investment. Some US$100 million worth of capital has been injected in golf courses so far this year by both domestic and foreign investors.
Recently, the Hai Phong People’s Committee has granted a licence to the RoK's Mibaek Industrial to build and develop the Thuy Nguyen golf course. Some US$17.3 million will be spent to build a 27 hole golf course and supporting works. The project investor plans to tee off the project in September 2007 and put the golf course into operation at the end of 2008. Prior to that, in early March 2007, Inconess, which belongs to the Vietnam National Oil and Gas Group, began the construction of the tourism complex in Dong Thai Lake in the northern province of Ninh Binh, which covers an area of 2,185 ha, and a 54 hole golf course in the Yen Thang lake area, which covers an area of 740 ha. The project is estimated to cost US$100 million, and may become the biggest golf course in Vietnam. It will be developed in three phases, and the final phase will be completed in 2015.Korean investors prove to be the biggest investors in golf courses. Before Mibaek got the licence to develop the Thuy Nguyen golf course, several other Korean investors came to Vietnam to build up golf courses already. These include East Asia Air Express, which has injected money in the Long Son golf course in Hoa Binh province. The investment capital for the first phase of that project is US$20 million. Lado Filter Engineering has decided to build the US$12 million Ba Na golf course in the central region of Da Nang, while DK Enc may also spend $22mil on a golf course project in Hanoi. Another Korean investor, Hanwha Group, is planning to join forces with Vietnam's King’s Valley Company to build and develop a tourism complex and golf course worth US$150 million. In the latest news, the HCM City People’s Committee on March 27 granted an investment licence to the Republic of Korea’s GS E&C, allowing the investor to build a 36 hole golf course on 200 ha of land in the new urban area in Cu Chi district. The operation of a golf course in the area is believed to serve the development of the regional economy. The project is estimated to cost US$42 million, and the golf course’s construction is expected to be completed after three years.
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