Rose Rock Group, an investment management firm backed by the Rockefeller family, has reached an agreement with Vung Ro Petroleum on a project to develop a US$2.5 billion resort complex at a bay in the central coastal province of Phu Yen.

The investors will turn Vung Ro Bay into “a convenient location for both business and tourist visitors, as well as permanent residents,” Vung Ro Petroleum, an independent petroleum company based in Vietnam, said in a statement on Tuesday.

Under the investment plan, Vung Ro Bay will be developed into three parts to include The Marina, The Village, and Bai Mon beach, which will all be connected by The Green Thread, a 2.5 kilometer pedestrian path.

The Marina, which is the gateway to Vung Ro, will be a key destination comprised of 350 marina berths, a waterfront hotel, and retail space for shops, bars and restaurants, according to the company.

The enclave will include several hotels with over 760 rooms, 4,300 apartments, 100 luxury townhouses, a variety of retail shops, and 350 marina berths.

The gross commercial area will total approximately 200,000 square meters, providing space for schools, healthcare facilities, retail, and entertainment complexes.

“Our plan is to create a vibrant community for Vung Ro around the area's natural beauty and provide a world class destination for discerning residents and visitors," said Kirill Korolev, CEO and General Director of Vung Ro Petroleum.