Pegasus CEO Abdul Rashid (L) and Banyan Tree President Eddy See at the signing ceremony of the agreement - PHOTO: PEGASUS INVESTMENT AND CONSULTANCY JSC

HCMC – Singapore’s Pegasus Investment and Consultancy JSC and Banyan Tree Holdings Limited on April 7 signed an agreement in which the former will operate Dhawa Quy Nhon Vietnam, an eco-resort in the central province of Binh Dinh, upon its completion.

The project, which was expected to be completed in 2023, is part of the Pegasus Education Tourism Development area, Tuoi Tre Online newspaper reported.

With an estimated investment of 100 million Singaporean dollars (US$74.6 million), Dhawa Quy Nhon Vietnam is the second phase of Pegasus Education Tourism Development. Its first phase kicked off with the opening of Outward Bound Vietnam in 2016, while eco-residences will be developed in the third phase.

Pegasus Chairman Ricky Tan said, “Pegasus Education Tourism Development entrenches our long-term commitment and investments in Vietnam. As a Singapore enterprise, our latest investment signals our strong confidence in Vietnam's economic development and growth prospects.”

Pegasus will provide services at the resort, which is Banyan Tree’s second Dhawa resort signed in Vietnam.

Both Pegasus and Banyan Tree have been confident about Vietnam’s economic recovery, Covid-19 control and growth prospects, while Covid-19 vaccination programs are being accelerated.

Ho Kwon Ping, executive chairman of Banyan Tree, said the strategic partnership highlights the like-minded collaboration and entrepreneurship of two homegrown brands with strong overseas footprints.