Vung Tau theme park calls for foreign capital

Vung Tau theme park calls for foreign capital

Vung Tau Cable Car Tourism Co. is calling for more investment into its Ho May Amusement Park project on the southern coastal city’s landmark Big Mountain.

Buffalo Island at the foot of Big Mountain seen from a cabin of the cable car Photo:Tuong Thuy

CEO Dau The Anh told VIR the firm had basically finished the project’s first phase but required substantial investment for the second part of the development.

Construction on the site started 13 years ago. The theme park includes natural landscaping, some adventure rides, a zoo, camping areas and several cafes and restaurants.

The mountain top is connected with Vung Tau’s Front Beach via an Austrian-designed 500 metre-long cable car line starting at Buffalo Island. Buffalo Island has been identified as the site for a marina and five-star hotel, which are part of the second stage of the project’s development.

Anh said it would be the second five-star hotel in Vung Tau after the Imperial Hotel. Therefore, his company wanted it to be managed by an international brand.

“Our second and third stages will call for foreign investors. In 2003 when rolling out the project, we estimated the total investment capital at VND4.5 trillion. But our total estimate today is about VND10 trillion, or almost $500 million. We have spent VND1 trillion on stage one, and need VND9 trillion (almost $450 million) for stages two and three. Our land leasing contract is for 50 years and we still have 40 years to go.”

He added in addition to a five-star hotel by the sea, his company had plans to build another five-star hotel on the top, also to be managed by an international brand. Both hotels would have 300 rooms in all. The next stages also include a safari park, golf course, 30 villas and 100 bungalows on the mountain, as well as further land reclamation to enlarge Buffalo Island for a marine aquarium.

Anh also said of the first stage’s investment, 30 per cent came from his father Dau Van Hoa’s company The Anh and 70 per cent from investors, all Vietnamese.

At present, the cost of entering Ho May is VND300,000 ($14.4) for an adult and VND200,000 for a child, with complete access to the park and a round-trip cable car ride.

By Tuong Thuy

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