According to the decision, Vinpearl Joint Stock Company is to act as the investor for the first one, Vinpearl Quang Nam golf course, in the central province of Quang Nam. The project is set to cover 70.35 hectares of land in Thanh Binh District.
The project, planned to operate for 50 years, will cost VND500 billion ($21.51 million), and is expected to complete construction within 12 months, VnEconomy news site reported.
The second project, Lao Cai golf course, is scheduled to locate in Ban Qua Commune, Bat Xat District in the northern upland province of Lao Cai, sprawling an area of 80 hectares, developed by Fansipan Sapa Cable Car Co., Ltd., which operates aerial cable cars on Fansipan mountain, the highest peak in Indochina.
The project will cost VND550 billion ($23.66 million), of which around three-fourth, or VND400 billion ($17.21 million), will be borrowed, and the builder will contribute at least VND110 billion ($4.73 million), according to the project’s approval license.
This golf course will have 18 holes and is expected to operate for 70 years and come into operation within two years.
Both golf courses have been added to the government’s Golf Development Plan for 2020.
By 2020, the country will be home to 89 golf courses, in line with the prime minister’s Decision 1946 dated November 26, 2009 on planning golf courses in Vietnam.
After 10 years, however, the golf planning policy has confronted some bottlenecks.
Statistics from the Ministry of Planning and Investment indicate that the country has only put into operation 30 golf courses, to date. Also, some of these golf courses have faced financial losses.
Also, some localities have asked for permission to withdraw golf courses from the plan, while others seek to develop new golf courses.
However, in August the Government issued a list of 24 expired zoning plans for industries, including the planning of Vietnam’s golf courses up to 2020.
