U.S. Developer Bows Out from International Airport Project

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May 24 – American real estate developer Rockingham Asset Management has bowed out of an international airport project in Quang Ninh Province citing lack of funds and human resources.

Joinus, a Korean company, expressed interest in the Van Don international airport project and is in negotiations with local authorities  for a possible US$2 billion investment into the airport and a connecting expressway to Halong city. The international airport is a key infrastructure component in the Van Don Economic Zone located in the vicinity of famous tourist destination Halong Bay.

The government has plans to turn the zone into an international trade center and a tourism and entertainment hub for the northern region.

Quang Ninh Province is bordering China and 150 kilometers northeast of the capital city Hanoi. The province has been able to successfully lure foreign investment with the latest one involving U.S.-based Emerging Market Group for a US$3 billion tourism project.

Despite the withdrawal, Rockingham is still pursuing other major projects in the country including a luxury resort complex in the Van Don Economic Zone and a golf course.

Rockingham’s withdrawal is expected to delay the development of the area since another foreign developer must be found. “Mobilizing funds for the airport might be more costly and complicated than they [Rockingham leaders] first thought. Thus, they have decided to stop pursuing this project to focus on the resort complex,” said Van Don Economic Zone Management Authority Director Tran Duc Lam.

“In general, we would like the construction of the airport to start as soon as possible because it will help to attract more investors and tourists to Quang Ninh,” he added.