The Prime Beachfront Property in Vung Tau City to be Auctioned for a Luxury Tourism Complex Project worth VND 6,800 billion.

The People’s Committee of Ba Ria – Vung Tau Province has recently issued a decision on the auction of the old Vung Tau Tourism Market land, with a total area of 2.9 hectares located in Thang Tam Ward, Vung Tau City.

This plot of land was previously leased to Vietnam Science and Technology Joint Stock Company (Busadco) for the development of the Vung Tau Tourism Market. Subsequently, small traders signed contracts with Busadco and constructed hundreds of kiosks, offering a range of products from culinary delights to handicrafts.

In 2017, the People’s Committee of Ba Ria – Vung Tau Province reorganized and handled state-owned houses and land belonging to Busadco. In 2020, the local government also decided to retrieve this land, handing it over to the Provincial Land Development Center to establish a land-use rights auction plan as per regulations.

Following this, Busadco terminated contracts with the small traders; however, many continued their food and beverage businesses on the premises. It was only in 2022 that the entire area was recovered, and the small traders officially ceased operations, relocating their assets and handing over the site to the local authorities.

According to a notification from the Nhat An Phu Partnership Auction Company – Ho Chi Minh City Branch, the land is currently an asset managed by the Ba Ria – Vung Tau Provincial Land Development Center and is zoned for commercial and service purposes, intended for the construction of a high-end tourism, trade, and service complex.

The land is strategically located amidst a cluster of 4- and 5-star hotels, luxury apartments, and is approximately 400 meters from Bai Sau Beach. Currently, the site encompasses the Market Management Board office, a café, a sales house, a market hall, and various agricultural produce.

As per the decision of the Vung Tau City People’s Committee approving the detailed planning at a 1/500 scale, the successful bidder for this land will construct a high-quality tourism, entertainment, and resort complex (including a 5-star or higher hotel and a world-class commercial center, with a maximum of 33 floors); serving approximately 3,800 people. The total investment for this project is estimated at VND 6,800 billion.