Accordingly, IPP expects to pour VND10 trillion ($440 million) into this project in 2018-2023 to construct duty-free shops and supermarkets, fashion outlet, condotels, a commerce centre and food court, as well as entertainment facilities and offices.

During the last 32 years, IPP has poured $500 million into the duty-free business at international airports such as Tan Son Nhat, Noi Bai, Danang, Phu Quoc, and Cam Ranh, and became a strategic partner of major international players DFS (US) and Lotte Duty Free (South Korea).

The total revenue of DFS and Lotte Duty Free hit over $10 billion annually in recent years, with more than 38 million tourists making purchases at their duty-free stores per year.

IPP owns 630 large-scale retail stores to exclusively distribute 96 world-leading brands, including wines, watches, cosmetics, fast food. Its shelves feature patinated brands like Channel, Cartier, Rolex, and Hennessy.

At the meeting with IPP Group, Nguyen Van Thanh, Vice Chairman of the Quang Ninh People's Committee, said that the group's proposal to establish a duty-free area in Van Don suits the provincial development plan in general, and the special zone development strategy in particular.

Thanh asked IPP and Sun Group to research the master plan together to choose a suitable location to develop the project, establish the duty-free area, and promote investment and commerce at Van Don.

On account of the advantages offered by Van Don SAEZ, Van Don has become the most attractive destination for super projects. These include the Van Don Heritage Road project based on an area of 3,300ha and including nine functional sections.

Sun Group is developing the VND7.5-trillion ($330.4-million) Van Don International Airport and the VND46.5-trillion ($2-billion) premium tourism complex, including a casino.

CEO Group is pouring VND5 trillion ($220.3 million) into Sonasea Van Don Habor City resort based on an area of 94ha, including five sections, namely a 5,000-room hotel, water park, shopping centre, port, and a public beach.

Additionally, FLC Group is developing two large tourism projects, the VND1.12-trillion ($49.3-million) Furama Halong Vietnam Resort and Villas, and a VND46-trillion ($2-billion) resort entertainment complex.

Earlier, Quang Ninh hired Arcadis, CallisonRTKL to provide consultancy services for Van Don SAEZ’s development master plan, which was financed by Sun Group.