ASIA NEWS: Good morning Vietnam

The prospects for Vietnam’s Vung Ro Bay improved last month after it was announced that a Rockefeller-backed firm would be investing in the former battleground.
Rose Rock Group, the private equity firm founded by members of the Rockefeller family, has entered into an agreement to “cooperate on the development” of one of South Asia’s biggest leisure developments. The firm has struck an accord with Vung Ro Petroleum to build a 2.15 million-square-foot resort along Vung Ro Bay on the south coast of Vietnam – an undertaking expected to cost $2.5 billion when completed.
The news came as CBRE published a paper that said foreign investors were gaining in confidence about the country’s real estate prospects, particularly in the retail and residential sectors, after prices fell some 30 percent last year. The firm pointed to a more liberal regulatory environment as cause for optimism.
The last major US activity at Vung Ro Bay was in 1965 and involved the controversial sinking of a giant naval trawler. Nearly 50 years later, there is hope that the next major US activity will be altogether more constructive for the area.