Lac Viet Palmer Johnson Coastal Urban Areas-Superyacht JSC, based in Phu Cat district, Binh Dinh, is keen to invest in a $4.5 billion superyacht-resort complex in the south-central province.
An aerial view of Binh Dinh province areas, south-central Vietnam. Photo by The Investor/Dung Nhan.
The provincial Department of Planning and Investment said it is collecting feedback from authorities on the company’s proposal to seek in-principle approval for a survey of the project site and project development.
Under the proposal, the Lac Viet Palmer Johnson De Gi superyacht-resort complex will span approximately 4,360 hectares, including the entire surface area of De Gi lagoon (about 1,570 hectares) and parts of Phu Cat and Phu My districts and Quy Nhon town.
The total investment for the project is estimated at VND105.75 trillion (around $4.5 billion), of which 30%, or about VND31.73 trillion ($1.3 billion), will come from the investor; 50% will be sourced from loans provided by banks and financial institutions, totaling VND52.88 trillion ($2.2 billion); and the remaining 20% will be raised from strategic partners.
The development is expected to take 60 months from the time it gets an official permit from authorities. It is planned to operate for 70 years.
Lac Viet Palmer Johnson said the project is a significant component of the province’s long-term development strategy aimed at attracting high-net-worth individuals and international elites to the locality, thereby establishing Binh Dinh as a premier luxury tourism destination.
Beyond creating an international-standard resort, the project seeks to lay the foundation for transforming Binh Dinh into a global financial hub, drawing international investors and fostering economic growth, it noted.
Catering to the ultra-wealthy
The Lac Viet Palmer Johnson De Gi project is being designed with ultra-wealthy individuals in mind, offering world-class amenities that will make it a premier destination for global elites. It includes a superyacht marina capable of housing 50-100 luxury yachts, with premium facilities such as hi-end restaurants, bars, luxury retail stores, and spas.
There will be ultra-luxury floating villas that combine cutting-edge technology with natural surroundings, each featuring private docks, pools, and panoramic views. In addition, villas perched on the hills will offer sweeping views of the lagoon and mountains, equipped with pools, gardens, and top-tier security.
For water-based entertainment, guests can enjoy water sports, such as kayaking and scuba diving, as well as floating restaurants and exclusive leisure areas.
A five-star hotel complex with 1,500 rooms will have an innovative horizontal design that preserves the natural landscape.
The resort will feature an 18-36 hole golf course, designed to host international tournaments. Hon Trau Island will be developed into an ultra-luxury retreat with a small number of exclusive villas and superyacht docking facilities.
A high-end event center will host international conferences, cultural festivals, and world-class entertainment, while a dedicated area for seniors will provide independent living with full amenities, including housing, dining, fitness centers, and health care.
Additionally, the project will include a community tourism village that showcases the region’s local fishing culture and heritage.
The Lac Viet Palmer Johnson De Gi project promises to provide significant economic benefits to Binh Dinh, including job creation, infrastructure development, and increased tourism revenue. It is expected to elevate the province’s global profile and attract further investment, particularly in the luxury tourism sector.
On January 16, Binh Dinh Chairman Pham Anh Tuan met with chairman of Swiss investment fund Finance Suisse Roland Staub and chairman of the world’s leading superyacht builder Palmer Johnson Timur Mohamed, along with Tong Duc Hieu, chairman of local firm Lac Viet Group.
Before the meeting, the two companies, in collaboration with Lac Viet Group, conducted a field survey to explore the potential for high-end tourism development, especially along the coastal areas with diverse natural landscapes.
Minister of Finance Nguyen Van Thang met with Mariam Sherman, World Bank division director for Vietnam, Cambodia and Laos in Hanoi on March 21 to discuss upcoming projects using official development assistance (ODA).
At the meeting, Minister Thang explained that the amended Law on Bidding had been in effect since January 15, decentralising the approval process to cut down the time needed for the disbursement of loans.
Based on the decree guiding the implementation of the amended law issued in February, the Ministry of Finance (MoF) submitted a decision on the bidding of Binh Duong wastewater treatment scheme and the southern waterway corridor development to the government, which issued a resolution approving the loans on March 19. The resolutions have since been submitted to the president for approval.
“The MoF will conduct meetings with localities to remove obstacles for ODA projects, including those of the World Bank. This will help accelerate progress on projects set to be disbursed this year and beyond,” said the minister.
Mariam Sherman thanked Thang for these solutions and proposed some initiatives to remove obstacles for projects that need to be implemented soon, such as the renewable energy enhanced transmission grid, and projects that are currently being implemented and negotiated.
“The aim of Vietnam and the World Bank is to ensure that the schedule and objectives of this capital mobilisation drive are met,” said Sherman.
According to Sherman, the combined value of the World Bank’s list of projects is about $11.2 billion, targeting key areas such as growth innovation, economic restructuring, energy conversion, and climate change response.
“To achieve the high growth rate set out by the government and National Assembly, foreign loans, including those from the World Bank, will play a vital role,” said Minister Thang.
The minister shared the government’s viewpoint that between 2026 and 2030, ODA is expected to pour into key projects such as expressways, railways, high-speed railways, energy infrastructure, climate change resilience, and digital infrastructure.
“With the government’s objective of high economic growth over the next few years, cooperation between Vietnam and the World Bank will be extensive,” he said.
Minister Thang expressed his appreciation for Sherman’s contributions to accelerating the progress of ODA-funded ventures. He also requested the World Bank to consider further simplifying and harmonising procedures, as well as consider finding ways to reduce interest rates for high-priority projects.
More than 25 kilogrammes of various narcotics has been seized in the lastest drug crime crackdown in Quang Binh province.
More than 25 kilogrammes of various narcotics are seized in the crackdown. (Photo courtesy of the police)
Quang Binh – Police of the central province of Quang Binh said on March 20 that the force, in coordination with authorities of Laos’ Khammouane province, has successfully dismantled a major cross-border drug trafficking network, seizing more than 25 kilogrammes of various narcotics.
The crackdown took place on March 12 when Dinh Hong Thuan, born in 1971 and from Quang Binh’s Minh Hoa district, and Nguyen Thanh Phuong, born in 1993 and from the province’s Dong Hoi city, were caught red-handed illegally transporting drugs.
Authorities confisticated some 20 kilogrammes of drugs, including 60,000 amphetamine pills, eight kilogrammes of ketamine, four kilogrammes of crystal methamphetamine, and two kilogrammes of heroin.
Following further investigation, the law enforcement force arrested Pham Le Tuan Anh, born in 1995 and from Dong Hoi city, for drug trafficking. In this additional arrest, around 5 more kilogrammes of narcotics was seized, including over 25,000 amphetamine pills, 1.5 kilogrammes of crystal methamphetamine and ketamine, and 1 kilogramme of heroin.
The local police charged the suspects and is expanding investigation into the case.
Microsoft is monitoring developments related to US export restrictions on semiconductor technology, but its operations in Malaysia have not been affected, according to an executive of the US tech giant.
The Microsoft logo in London, the UK (Illustrative photo: Xinhua/VNA)
Kuala Lumpur – US tech giant Microsoft said its artificial intelligence (AI) infrastructure rollout in Malaysia remains on track despite concerns over potential disruptions in the supply of advanced AI chips.
The company is monitoring developments related to US export restrictions on semiconductor technology, but that its operations in Malaysia have not been affected, Microsoft Malaysia managing director Laurence Si told a press conference on March 20.
Microsoft’s investments in Malaysia, including the upcoming cloud region launch, are proceeding as planned. It is committed to deploying AI services and digital infrastructure on schedule, ensuring Malaysia benefits from the latest technological advancements, he added.
Concerns over AI chip supply have grown following Microsoft’s announcement of its in-house Azure Cobalt 100 chip, designed to enhance AI capabilities.
Asked whether Malaysia’s cloud region would use the latest AI chips, Si said Microsoft is assessing market demand.
If there is a market for it, it will be incorporated into the framework and timeline for Malaysia, he said, adding that there is already industry interest in AI-optimised chipsets like Cobalt
In a related news, Prime Minister Anwar Ibrahim has emphasised the importance of developing local talent in blockchain technology to ensure that investments in the sector benefit Malaysians.
The matter was discussed during a courtesy visit on March 20 from representatives of Klickl, a company operating finance and assets within the digital and blockchain ecosystem, he said in a Facebook post.
Anwar noted that Malaysia has significant potential in the field and can leverage blockchain technology across various sectors. Beyond finance and digital assets, he said the technology could also be utilised in government services and the halal industry.