Philip Falcone, founder of Harbinger Capital which is The Grand Ho Tram’s principal investor, pledged his support for the Vietnamese tourism sector at a recent meeting with Nguyen Chi Dung, Minister of Planning and Investment of Vietnam.
At the discussion held during the minister’s September 8 visit to the US, Falcone gave a briefing on steps to dramatically expand the development of The Grand Ho Tram and increase investment in the region, adding to the already over $1 billion in deployed and committed capital in the project.
The minister provided his perspective and advised on how the project can build upon its success to date and attract more domestic and international visitors to Ba Ria-Vung Tau Province. In response, Falcone expressed deep gratitude for the counsel and reaffirmed The Grand Ho Tram’s commitment to bolstering the province’s development and partnering with Vietnam to help achieve the country’s tourism objectives.
The Grand Ho Tram in Ba Ria-Vung Tau province is the largest foreign-invested tourism development and the largest US private equity investment in Vietnam. During his discussion with the minister, Falcone confirmed plans to construct an additional 559-room tower—dubbed The Beach Club—, accompanied by expansive entertainment amenities, and the development of a 1,000-key beachside condotel. In addition, Falcone announced that he is in talks with Vietnamese partners to develop a charter airport approximately 15 kilometres from the resort that could serve to further enhance access and draw in additional visitors to the province.
During the meeting, Falcone also relayed to Minister Dung his appreciation for the strong support that The Grand Ho Tram receives from the Vietnamese government and the Ministry of Planning and Investment in particular. Even before his elevation to the head of the ministry in April, Dung had been working to attract greater foreign investment into Vietnam and to support foreign invested enterprises in the country.
In alignment with Minister Dung’s focus, Falcone has formed strategic relations with major local players, such as construction firm Coteccons and Vietjet, and sources most of its operational supplies from local partners.
One of the earliest US investors in Vietnam, Falcone appreciates the country’s incredible potential and serves as a leading advocate for US business investment in Vietnam. “I am deeply grateful for Minister Dung’s time and look forward to continuing The Grand Ho Tram’s role as a partner of the Vietnamese government to achieve its tourism and broader socioeconomic development objectives,” Falcone remarked after the meeting.
Serving as a symbol of the fast-growing bilateral relationship between the US and Vietnam, The Grand Ho Tram is Vietnam’s premier coastal resort destination, and the only operational, internationally – acclaimed integrated resort in the country. With 541 five-star rooms, a series of residential villas, and numerous facilities offering multifaceted leisure activities ranging from a world-class golf course to water parks and high-tech audio-visual entertainment, The Grand Ho Tram spearheads efforts to elevate Vietnam’s status as a leading tourism destination in the region and around the world.
In addition, The Grand Ho Tram serves as an active supporter of US-Vietnamese business relations. As a leading sponsor of the American Chamber of Commerce in Vietnam, the property will host a networking weekend between September 23 and 25 for AmCham member businesses and US Embassy representatives, including Ambassador Ted Osius.
The article "Harbinger Capital pledges support for Vietnam’s tourism" was originally published on https://www.talkvietnam.com/2016/09/harbinger-capital-pledges-support-for-vietnams-tourism/