US$100 million FDI project in Thai Nguyen licensed

VNECONOMY updated: 10/01/2007

Thai Nguyen Province The Japanese group Intra on Jan. 9 received a licence to invest US$100 million in building a reservoir and a new urban area in the northern province of Thai Nguyen. Under the project, Intra will enlarge the Xuong Rong reservoir to 18.84 ha and build a complex of high-grade residence quarters, offices for lease and hotels. The investor plans to commit US$70 million to building the Xuong Rong urban area, US$18 million to clearing the ground, and US$12 million to enlarging the reservoir. In the first phase of the project (2007-2008), the investor will implement build-transfer contracts signed with Thai Nguyen province on development of the Xuong Rong reservoir and a number of periphery infrastructure facilities. The building of apartments and offices will start in the second phase from 2008-2009.

Source: Vietnam Agency