The Vinacapital fund was licensed on December 28 to build a resort and a golf course in Ngu Hanh Son district, central Da Nang city.

The US$130 million complex will cover an area of 260ha, of which 40ha will be reserved for construction of a five-star hotel and a convalescence for holidaymakers.

The remaining area will be for luxurious apartments and a 36-hole golf course, the first of international standard in Vietnam's central region.

VinaCapital General Director Don Lam said that the group wants to coordinate with local authorities to explore the city's potential, especially its superb beaches, to attract more foreign holidaymakers, thereby developing the local tourism sector.

In November, 2006, the fund decided to invest US$200 million in a urban complex in Son Tra district, which houses a commercial centre, office-buildings, hotels, luxurious villas and international schools.

VNA