Mr Cao Ky presents the VND100mil cheque to Mr Duyet, President of VFF Central Committee's Presidium.

The contract was signed at the headquarters of the Vietnam Fatherland Front (VFF) Central Committee in the presence of VFF and Government officials, some Vietnamese and American business people and Nguyen Cao Ky, Vice President of the former Saigon regime, who brought about the co-operation.

The joint venture, called the Ha Long Joint Venture Company Limited, will operate in tourism and recreation with a total investment of up to US$1.5bil (legal capital of over $880mil). Of this, Dye Vietnam Limited has contributed 51%, and Au Lac Company 49%.

The joint venture (JV) is based in Tuan Chau Island in Quang Ninh Province’s Ha Long City, and has a representative office in the US.

“The aim of the joint venture contract is to upgrade and take full economic advantage of Ha Long Bay, one of the world’s natural heritage sites, and other landscapes in Vietnam,” said Dao Hong Tuyen, chairman of the board of directors of Au Lac Company.

During its 70 years of operations, the JV will build a 36-hole international golf course, hotels with 140 rooms, 50 luxurious golf villas, an artificial channel measuring 580mx125m, a 1km-long beach, a helipad, an eco-tourism site, an underwater entertainment site and other services on Tuan Chau Island.

Also in Quang Ninh, the JV plans to build a complex of Nui Thong Golf Course and Lang Qua Club and thousands of rest houses at the Yen Trung Lake, Uong Bi Town.

In addition, it seeks to develop luxury recreational and resort centres in Ha Noi, the central city of Nha Trang and HCM City.

At the signing ceremony, Mr. Cao Ky and his wife presented VND100mil to the Fund for Poor Students in Chu Van An High School in Hanoi.

VFF President Pham The Duyet thanked Mr Ky’s family for their sentiments towards their homeland and for their contributions to the establishment of the Ha Long JV and expressed his hope they would continue doing good things for Vietnam.

PV