HANOI, May 23, 2016 – To mark President Obama’s historic visit to Vietnam and to highlight the strengthening commercial and investment links between the United States and Vietnam, The Grand Ho Tram Strip, Vietnam’s premier luxury destination, signed a memorandum of understanding (“MOU”) with Cotec Construction Joint Stock Company (“CotecCons”) on May 23 to cooperate on a USD 75 million expansion of The Grand Ho Tram Strip’s integrated resort complex.

Signed at an event hosted by the American Chamber of Commerce and Vietnam Business Forum, the MOU outlines the construction by CotecCons of a new hotel tower, which will add 559 rooms to The Grand Ho Tram Strip complex, increasing the total capacity at the resort to 1,100 rooms. The expansion will also develop a range of family-friendly entertainment amenities, including two 70-person movie theaters, a shopping arcade, themed restaurants, sky top lounge, family karaoke, a 2,000-seat outdoor amphitheater, a water park, marine habitat pool, and a roller coaster.

Uniting a committed U.S. investor with one of Vietnam’s flagship enterprises, this MOU represents another step forward for U.S.-Vietnam commercial cooperation, and underscores the mutual gains that can be achieved when U.S. and Vietnamese enterprises collaboratively engage. The new hotel tower will serve as a major milestone for The Grand Ho Tram Strip, as together with other completed and announced projects, its completion will bring the development’s total investment to over USD 1 billion.

This event follows the launch of The Grand Ho Tram Strip’s Government Relations office in Hanoi two week ago, which was attended by U.S. Ambassador to Vietnam Ted Osius and Vietnam’s Vice Minister of Culture, Sports, and Tourism Huynh Vinh Ai. Both the MOU signing and the opening of The Grand Ho Tram Strip’s government relations office can be seen as evidence of the depth of business linkages that have formed between the United States and Vietnam in the months leading up to President Obama’s highly anticipated visit to the country.

Present at the signing, Michael Kelly, executive chairman of The Grand Ho Tram Strip, accentuated his commitments to “not only escalating investments in Vietnam, but also empowering Vietnamese companies and citizens through The Grand Ho Tram Strip’s operations, such as our partnerships with CotecCons, Vietjet, and our appointment of Vietnamese citizens to senior management positions at our resort.”

Kelly also noted how much The Grand Ho Tram Strip values its collaborative relationship with the Vietnamese Government.

Following the signing of the MOU, participants at the American Chamber of Commerce and Vietnam Business Forum discussed various topics pertaining to U.S.-Vietnam commercial relations, including implementation of the Trans-Pacific Partnership, development of clean energy, and additional measures that can be pursued to take the bilateral relationship to the next level.

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About Asian Coast Development (Canada) Ltd

Asian Coast Development Ltd. (ACDL) is an international development company specializing in integrated resort destinations. ACDL, through its wholly-owned subsidiary Ho Tram Project Company Ltd, a group of integrated resorts and residences located on more than 400 acres of land set on 2.2 kilometers of pristine beach in Ho Tram, Vietnam.

The first phase of its development – The Grand Ho Tram Strip – opened its doors in 2013 and includes a 541 room five-star hotel, a world-class entertainment facility, restaurants, high-tech meeting space, an exclusive VIP area, three swimming pools, as well as a variety of beach-front recreation activities. Adjacent to The Grand, the 18 hole Greg Norman designed Championship golf course – The Bluffs – opened for play in early 2014.

Construction is underway on a second tower at The Grand, with an additional 559 rooms, bringing the resort’s total to 1,100 as well as on a condotel and vacation home development. Later phases will include a second integrated resort similar in size and scale to The Grand, and additional five star resorts.

For more information about ACDL, please visit www.asiancoastdevelopment.com

About Cotec Construction Joint Stock Company

Founded by Vietnamese architect Nguyen Ba Duong in 2004, CotecCons is one of Vietnam’s leading construction and engineering firms. The largest private contractor in Vietnam and publicly traded on the Ho Chi Minh Stock Exchange, the firm operates throughout the country, as well as in Cambodia, Laos, and Myanmar. In addition to wide-ranging acclaim for its projects, CotecCons has received plaudits in Vietnam for its in-house training programs and safety record, and was ranked as the “Best Place to Work” in Vietnam’s construction industry in 2015