Investors from the United States and Japan are already part of projects to enhance tourism in Viet Nam. Later this year the country joins the World Trade Organization (WTO) and foreign tourist numbers are expected to rise rapidly. Tourism and entertainment plans are underway, with Vietnamese coastal regions being targeted for major MICE (Meeting, Incentives, Convention and Exhibition) developments. In 2004 the central city of Da Nang approved a tourism and service development programme aimed at attracting 2 million visitors, including 600,000 international tourists, by 2010. A project for Bac My An Beach in Da Nang is a joint venture between the local Hoang Dat Company and US-based Silver Shores. It was recently licensed to build a 600-room 5-star hotel and convention centre, 50 luxury villas and a foreigner-only casino with a US$86 million investment. The casino can house up to 100 slot machines and eight gaming tables offering blackjack, baccarat and craps.

Da Nang is not the only place in Viet Nam banking on tourism and foreign investment sees most potential in the coastal areas. In 2003 Winvest LLC of Boston, Massachusetts applied to build a US$300 million 5-star tourist complex and has received a licence in Vung Tau. Another US-based company, Platinum Dragon Empire Inc, has applied to build a Disney-style entertainment zone and water palace in southern Vung Tau at a cost of US$550 million.

Viet Nam’s Ministry of Planning and Investment (MPI) has stated that tourism projects to June this year reached investment capital of US$2.2 billion, 38% of the country’s foreign investment. At the end of July the MPI announced provisional guidance, pending Government decrees, for provincial authorities to licence foreign investment projects of less than US$20 million, up from the previous US$15 million. The MPI is submitting another decree to Government to raise the level even further to US$50 million. Larger projects must be submitted to the MPI.

During the first seven months of this year Viet Nam licensed 367 foreign investment projects and total foreign investment rose to US$3.415 billion. Hong Kong was the biggest investor, followed Korea, United States and Japan. Tourist service projects in Lam Dong and Nha Trang with Japanese investment are for billion dollar amounts. German and Spanish investors are also known to be interested in Viet Nam, which expects to license foreign investment projects with a total capital of US$6.5 billion by year end. (E-08.07.06)

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