Investors from Hong Kong and the US Monday signed a deal with a Vietnamese company to build a US$500 million Buddhist tourism complex in the northern province of Quang Ninh.
The Viet Lotus complex will cover a 700-hectare area in Yen Tu, known as a sacred Buddhist site in the country, complex developer ATS Investment Joint Stock Company said at the signing ceremony in Hanoi.
Its partners in the venture are US-based Royal Star International Westin Inc. and Hong Kong-based HBI International Investment group.
The complex will be divided into two parts: Golden Lotus and Silver Lotus, with a 3,500-seat convention center for international and local Buddhist events, zen temples, royal gardens, hotels, villas, craft villages, traditional markets, and an area dedicated to display vestiges of the Ly and Tran dynasties.
Work on the complex is scheduled to begin at the end of this year and finish by 2015.