Yoshimune Odaka, general director of the corporation, told Da Nang City's authorities in a meeting early this week that the firm wanted to locate the project in Lien Chieu District, next to its spa and hotel resort.

Mikazuki started constructing the $100 million five-star resort last March. 

He did not reveal a time frame for the night market and pedestrian zone project, but said it would be similar to Tokyo’s night scene.

Mikazuki currently has five large hotels with more than 1,000 rooms in Japan.

Japan is one of Vietnam's biggest foreign investors and trading partners. The country is the third largest market for Vietnamese tourism, after China and South Korea. Last year, Vietnam received more than 820,000 Japanese tourists, up 3.6 percent from a year ago.

Vietnam came in fifth on the list of top 10 summer destinations for Japanese tourists, according to a recent survey by the Japan Association of Travel Agents. 

Da Nang, home to the beautiful My Khe Beach and a neighbor to the popular ancient town of Hoi An in central Vietnam, received 7.6 million tourists last year, 2.87 million of them foreigners, a 23.3 percent increase year-on-year.