Singapore company expands operation in Vietnam
(VOV) - SUTL Corporation Pte Ltd continues to invest in Vietnam through the construction of Vung Ro Bay yacht club, in the central coastal province of Phu Yen.
A memorandum of understanding to this effect was signed in Singapore on May 26 between One 15 Marina Club-a subsidiary of SUTL Corporation Pte Ltd and Vung Ro Petroleum Ltd.
The yacht club is one of four sections of the Vung Ro Bay resort complex project in Phu Yen province by Vung Ro Petroleum Ltd, with estimated investment capital of US$2.5 billion.
It will include 300 docking spots, hotels, shopping malls, bars and restaurants along the coast.
SUTL Corporation Pte Ltd first began operating in Vietnam in 1996 with the launch of Saigon Superbowl mall in Ho Chi Minh City and Superbowl Vietnam entertainment area.
Later in 1997, the corporation also became a partner of Kentucky Fried Chicken (KFC) in Vietnam.
According to Vietnam’s Ministry of Planning and Investment, Singapore is currently the third largest foreign investor in Vietnam, committing US$30.3 billion to 1,266 projects.