Quang Binh Province on the central coast is looking for domestic and foreign investors to develop around 35 major commercial and tourism projects with combined capital of more than VND23.4 trillion (over US$1 billion).

Adventurers are seen inside Son Doong, the world’s largest cave.

The province introduced the projects to potential investors at a meeting in Hanoi on Tuesday as part of its preparations for an investment and tourism conference scheduled to take place in Dong Hoi City on August 5.

Nguyen Huu Hoai, chairman of Quang Binh, said a number of investors are surveying locations in the province to carry out big-ticket tourism projects. Sun Group is seeking to invest in Phong Nha-Ke Bang Park area and Bao Ninh-Hai Ninh seaside golf course while An Viet plans a tourism, resort and golf course complex.

Foreign companies from Korea and India want to pour money into tourism sites in the province, which also has the world’s largest cave, Son Doong, in addition to the World Heritage-listed Phong Nha-Ke Bang Park. 

“Many economic experts have told us that Quang Binh will take off in the next five years and we believe so,” Hoai said. “We expect Quang Binh will become a major destination for tourists from Vietnam and other parts of the world in the near future.”

Tran Bac Ha, chairman of the Bank for Investment and Development of Vietnam (BIDV), called for Quang Binh to create opportunities for private businesses such as FLC, Sun Group and Vingroup to invest in the province to support its development and help attract more investors.

Ha said the area of Bang Stream should be zoned as a place for luxury resorts and wellness projects to woo Japanese travelers. The province needs to find investors with strong financial capability to carry out these projects.

Ha urged Quang Binh to develop areas for tourist boats and seaplanes to serve high-class tourists and issue proper policies and incentives to entice investors if the province wanted tourism to become a spearhead industry.

Some 320 projects have been approved with total investment capital of more than US$5 billion in Quang Binh. They include 11 foreign-invested projects worth US$107 million and 158 projects totaling nearly US$4 billion under construction.