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Banking & Finance

German fund financing NovaWorld Mekong project

Released at: 08:49, 27/09/2019

German fund financing NovaWorld Mekong project

Photo: Novaland

Vietnamese developer receives $20mn in investment to develop hospitality project in Can Tho city.

by Hung Cao

The Novaland Group signed a partnership agreement on September 26 with Deutsche Invetitions - Und Entwicklungsgesellscheft Mbh (DEG), under KFW bank, one of Europe’s best-known financial institutions and owned by the German Government, specializing in funding and consulting projects that promote the business initiative of improving social living conditions.

DEG will provide $20 million to develop Azerai Can Tho Resort in the Mekong Delta city of Can Tho. This is one NovaWorld Mekong leisure and tourism complex that Novaland will develop in the Delta. DEG also signed an MoU on the provision of consulting on travel quality standards to NovaWorld.

Experts from DEG will provide Business Support Services to Novaland, sharing expert advice on training professional human resources and orienting towards sustainable hotel management standards, while also consulting on environmental issues and effectively utilizing available resources in parallel with ecological development, so that the chain of NovaWorld complexes, such as NovaWorld Mekong, NovaWorld Phan Thiet, and NovaWorld Ho Tram, will become destinations for domestic and foreign tourists.

In the Mekong Delta, Novaland and the Military Commercial Joint Stock Bank (MB) have jointly contributed funds to the Boston Consulting Group (BCG) - a leading global consulting firm - to develop a Tourism Development Strategy for the 13 cities and provinces in the region to adapt to climate change in accordance with Prime Minister’s Resolution No. 120/NQ-CP. By 2030, the Mekong Delta will be the top river destination in Asia, creating 300,000 new jobs.

Based on BCG’s strategy, Novaland is planning and implementing the NovaWorld Mekong project in the center of Can Tho city. This is a large-scale project of international standard that will change the perception of tourism in the Delta, boosting tourism combined with agriculture and traditional activities and making the Mekong a tourism destination of the world. Phase 1 of NovaWorld Mekong, the Azerai Can Tho Resort, was completed and put into operation in June 2018.

“We look forward to strengthening cooperation with professional consultants to be able to develop NovaWorld Mekong in a sustainable manner, contributing to both local tourism development and creating new jobs, helping to keep workers from leaving their fields and bringing high-level personnel to the Mekong Delta,” said Mr. Bui Xuan Huy, CEO of the Novaland Group.

“I am impressed by the vision of Novaland to think in a sustainable way in Can Tho, which has a unique and diverse bio-system that needs to be protected,” said Dr. Hubertus Pleister, Director Asia at DEG. “The photovoltaic energy supply and waste and water treatment systems are exemplary.”

DEG and two members of the Nova Group, the Anova Corporation and the Novaland Group, signed an MoU in July 2017 within the framework of the Vietnam-Germany Business Forum, a trade promotion activity on the sidelines of the G20 Summit in Berlin.

This marked the long-term cooperation between two large corporations, aiming to help improve the quality of life in Vietnam on the basis of sustainable development and compliance with international standards in corporate governance, social responsibility, and environmental protection.

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