Upcoming Hanoi development gets $500M investment

(Hanoi)

Hanoitourist Corporation and Korean Global Consultant Network Co. have signed an investment co-operation agreement to develop a complex including a hotel, a trade center and a racecourse in Hanoi.

The complex has a total investment capital of $500 million, 85 percent of which will come from the Korean investor and the rest from Hanoitourist.

After the signing ceremony, the consortium will submit a document to the Hanoi People's Committee to secure approval for the project.

Hanoitourist and Global Consultant Network LLC signed an agreement to develop the project back in 2007. At the time, the construction was expected to take place in two phases, the second of which would have included the hotel. The project was poised to open in 2010, but was significantly delayed. As such, Korean Global Consultant Network will replace the LCC to implement the project.