Vietnam’s Sun Group to develop Van Don airport?

Representative visual from Joinus website

Vietnam-based property developer Sun Group, whose projects include Ba Na Hills and luxurious resorts in the central city of Da Nang, has reportedly taken over the development of $800 million Van Don Airport, in northern Quang Ninh province.

Vietnamnet Bridge, a domestic media outlet, cited the deputy director of the Quang Ninh Provincial Economic Zones Management Authority Trinh Van Hong, saying that the the investor of this project (Van Don Airport)  was the Sun Group.

Previously, the province had granted the investment license to Korean-funded Joinus Land Development and Investment, which was established under the laws of Vietnam to implement projects inside the country, particularly in Quang Ninh’s Van Don island.

However, it was said that Joinus was slow in execution.

Both Sun Group and Joinus were not immediately available for comment.

Pham Minh Chinh, Secretary of the Quang Ninh Provincial Party Committee, reportedly said that the building of the airport would be started this quarter.

Meanwhile, on the website of Joinus , which is a consortium of Korean investors, (website) is still showing that it is the bidder. Specifically, the $800 million project with an annual capacity of 6.6 million passengers is stated to “support local economic development and promote northeast area”.

In August, Joinus announced to have raised essential finance for the Van Don International Airport, securing funding from an Australian investor. “If Sun Group invests, it will scale down the Van Don project to develop it as a domestic airport. Currently, the group is studying feasibility of the investment,” Vietnamnet Bridge cited Hong.

Sun Group is currently executing two large resort complex projects worth a total of $446 million in the province; both are expected to be completed by 2019.

With the province’s target to boost investment in Van Don Economic Zone, Sun Group CEO Dang Minh Truong has reported to have said, earlier, that Quang Ninh was among the most opened places to investors.

In the mean time, the authorities noted that the Van Don Airport was a key project, paving the way for the development of the economic zone as well as tourism in the province.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.