Vingroup chosen to develop Ho Chi Minh City’s critical sea tourism project

The design of the Saigon SunBay project, visual from the Ho Chi Minh City portal

Vietnam’s largest property developer Vingroup, has been entitled to be the strategic partner of Ho Chi Minh City in implementing the Can Gio sea tourism complex development, or Saigon SunBay, said the local media quoting sources from the city’s people’s committee.

Can Gio is a unique sea district in Ho Chi Minh City. Thus, the local authorities want to maximise its tourism potentials with the waterfront project. It has fallen far behind the anticipated progress, although Can Gio Tourist City Corporation (CTC Corp), as the maiden investor, had started the project eight years ago.

Competent agencies had estimated the construction of Saigon SunBay, an 821 hectare complex, which encompasses a beach, hotels and resorts, shopping malls, entertainment facilities and premium villas, would cost around $1.4 billion.

Once Vingroup finishes the 821 hectare shore land, it will learn to deploy the 300 hectare land reclamation expansion.

Meanwhile, not only did CTC Corp failed to meet the schedule, it has also witnessed significant changes in the presence of its shareholders.

Established in 2004, the state-owned firm Saigon Tourist, which is slated to have an initial public offer this year, was the largest founding shareholder with a 50 per cent stake, according to data compiled by newswire ttvn.vn.

Another major stakeholder was Saigon Invest, which initially owned 15 per cent. In 2013, Saigon Invest and its units increased their holding to a collective percentage of 65.49 per cent in CTC Corp.

However, only a year afterward, the Saigon Invest group divested from the company, selling part of the stake to an individual investor, who was holding a controlling rate of 56.48 per cent as of July last year. Later in the year, Saigon Tourist also exited CTC Corp.

In addition, the company’s website domain, ctc-corp.vn, has expired.

Participating in the Saigon SunBay will fortify Vingroup’s collection of nationwide investments, including the most recent approved projects of a hi-tech agriculture centre in central province Thanh Hoa, two Ho Chi Minh City-based underground parking lots, a commercial centre in Quang Binh and an ecological tourism island in Hai Phong in the north of Vietnam.

The group also intends to become the strategic shareholder of equitised state companies like the Vietnam Exhibition and Fair Centre and Vietnam’s biggest sea logistics facility – Saigon Port.

Also read:

Vingroup to take charge of VEFAC investment activities: Tran Van Tan

Vingroup, Vietinbank & VPBank in race for strategic stake in Saigon Port

Vingroup issues convertible shares, ups stake in retail arm

Vietnam’s realty major Vingroup spends $468m for M&A deals, diversification

Vingroup takes over Vinatexmart, plans aggressive retail expansion across Vietnam

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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).

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

  • 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.