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Thursday, July 25, 2024

IPPG, foreign partners consider developing 45 projects

The Saigon Times

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HCMC – Imex Pan Pacific Group (IPPG), whose chairman is well-known businessman Johnathan Hanh Nguyen, and its partners from the United States and South Korea have proposed the prime minister allow them to develop as many as 45 projects in Vietnam.

The projects include an international financial center in HCMC and another in Danang in central Vietnam, a tariff-free zone on Phu Quoc Island off Kien Giang Province and many other projects in other parts of the nation, such as Hanoi and Khanh Hoa Province.

Deputy Prime Minister Le Van Thanh assigned the Ministries of Planning-Investment, Finance, Transport and Justice and the State Bank of Vietnam to review the projects.

These projects are in five main sectors: international financial center, tariff-free zone, airport city, smart urban area, cargo airline, resorts and community health.

IPPG has also said that a consortium of Cantor Fitzgerald, IPPG, Weidner Resort/Gaming Asset Management, Steelman Partners and the HCMC and Danang governments would sign agreements on the investment in international financial centers.

The United Kingdom’s law and finance consulting company Shearman & Sterling and domestic consulting firms have completed a draft plan on international financial centers in HCMC and Danang and consulted with the relevant ministries, agencies and localities over the plan before submitting it to the central Government.

IPPG will team up with Cantor Fitzgerald Company from the U.S. to develop these two centers.

The group has also suggested signing agreements on the investment in resorts including casinos and entertainment-tourism projects with a total investment of some US$10 billion.

As for the proposal to develop the cargo airline IPP Air Cargo and the logistics center Bellazio Logistics, IPPG will join hands with Cantor Fitzgerald, Weidner Resort – Gamming Asset Management and Lotte Duty Free.

IPPG and its partners have worked out a plan to buy 10 B777 Freighter aircraft worth a combined US$3.5 billion.

In addition, Kien Giang Province has chosen IPPG as the investor of the Phu Quoc tariff-free zone. The group is working on plans to develop other tariff-free zones in the Van Phong Economic Zone in Khanh Hoa Province, Danang, Quang Ninh and Can Tho.

IPPG and its U.S. and South Korean partners have worked with the authorities of Kien Giang Province’s Phu Quoc City, Khanh Hoa Province’s Cam Ranh City, Dong Nai Province’s Long Thanh District, Can Tho and HCMC to complete procedures for the airport city projects.

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