They signed a strategic partnership Monday to also jointly develop other real estate projects in Quang Ninh, Hanoi, Quang Nam, Vung Tau, and Ho Chi Minh City.

First off the blocks will be a complex of hotels, villas, resorts, and amusement areas on Tuan Chau, an island to the northwest of the famed Halong Bay, a UNESCO natural heritage site.

It will be built on an area of 4.8 ha with three sides overlooking the sea. The companies expect the project to cost VND4.5-5 trillion ($194-215 million) but did not announce the start date for the project.

Tuan Chau Group, formerly Au Lac Quang Ninh, is known for building a 2 km road connecting Tuan Chau Island with the mainland. It has interests in real estate, investment, banking, securities, tourism, hotels, yachts, and entertainment.

Coteccons Construction JSC is a leading construction firm with experience in designing and executing large projects. It also has interests in investment, aluminum, glass, interiors, and other commercial operations.