Republic of Korea’s (ROK) Topvina Corporation has reached
an agreement with Vietnamese Au Lac Company, which is
now running Tuan Chau Tourism Complex, on leasing the
complex for business purposes.
The two sides declined to reveal the details of the
agreement. However, the Korean side said that it would
lease the complex for 40 years, and the two sides would
re-negotiate about leasing prices and other terms of
the contract every 10 years.
After taking over the complex in November 2006, the
Korean investor will spend $20mil over three years to
upgrade the existing resort, build a sports complex
at sea, upgrade the existing entertainment areas, including
the stage, house for crocodile performances, and build
a high-grade seafood restaurant. The investor is also
planning to focus on improving the quality of the art
The Korean partner is also negotiating with Au Lac Company
on the construction of a five-star hotel, which has
been halted. If the two sides can find a common voice,
the Korean investor will inject another $30mil to build
the five-star hotel.
According to Lee Cheon Suk, Director General of Topvina
Corporation, Tuan Chau is located in an advantageous
position and it has the potential to become a high-grade
tourism complex. However, the facilities and services
here now are still not special and attractive enough.
The Korean investor expects to turn Tuan Chau into a
complex of tourism, entertainment, and a famous cultural
The Korean partner is now beginning its work on upgrading
facilities at the Tuan Chau complex. The complex will
welcome visitors with a new face next summer. It aims
to attract international travellers from Japan, the
RoK and other Southeast Asian countries.
Topvina Corporation is 100% RoK owned. Its parent company
is Topvina Corporation Korea co, which specialises in
tourism project development, construction, trade and
(VietnamNet and Vneconomy)