Daemyung Sono Group Signs MOU for Complex Resort Management with Vietnam's Novaland Group

Bui Xuan Huy (fifth from the left), CEO of Vietnam's Novaland Group, is taking a commemorative photo with executives and employees after signing a memorandum of understanding (MOU) for the entrusted operation of a complex resort with Daemyung Sono Group.
[Photo by Daemyung Sono Group]

[Asia Economy Reporter Kim Heung-soon] Daemyung Sono Group announced on the 17th that it has signed a business agreement with Novaland Group, a leading real estate and resort development company in Vietnam, for the "selection of technical support and consignment operator" for a large-scale resort complex under development in the Phan Thiet area of Vietnam.

The Phan Thiet area, being developed by Novaland Group, is a coastal tourist destination located about 200 km east of Ho Chi Minh City, Vietnam. With the completion of a highway and an international airport scheduled after 2023, it holds potential to develop as an emerging tourist destination in Vietnam.

Novaland Group plans to build various tourist facilities on approximately 3 million pyeong of land in Phan Thiet, including a 36-hole golf course, about 1,700 villas, hotels, theme parks, and shopping malls. Daemyung Sono Group will provide technical consulting for the development of an 80,000-pyeong complex resort including hotels, theme parks, and water parks, and will be entrusted with its operation for more than 10 years after completion. The development of this complex resort is underway with a target completion in 2023.

Meanwhile, since the inauguration of Vice Chairman Seo Jun-hyuk, Daemyung Sono Group has been promoting the expansion of global hotels and resorts since 2019. In November last year, it signed a consignment operation contract for the 'Song Gia Golf Resort' in Haiphong, Vietnam, owned by Hyundai Construction, and is currently operating it as 'Sonovel Haiphong.'

A representative of Daemyung Sono Group said, "This business agreement with Novaland Group is significant as it marks our first global entry through the development and operation of a complex resort including hotels, water parks, and theme parks."

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