The bay is located in Phu Yen Province, with direct links to Tuy Hoa Township and its airport.

It will be developed into a marina, a village, and Bai Mon beach and connected by a 2.5-km pedestrian path.

With its natural deep water and sheltered bay, the marina will be the gateway to Vung Ro. It will comprise 350 marina berths, a waterfront hotel, and retail space for shops, bars and, restaurants along the corniche.

The village will be centrally located in the development and provide the majority of the residential accommodation.

A 650-m retail street will support the community.

Bai Mon, with its extensive and deep flat sandy beach, will comprise a beach resort offering a variety of water sports and a more exclusive boutique hotel along its 400-metre sandy beach.

The entire Vung Ro Bay development will emphasise sustainable development and focus on creating a thriving ecology of education, healthy living, lifestyle, and culture, according to the partners.

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

There will be space for schools, healthcare facilities, retailing, and entertainment complexes. Rose Rock Group is an investment management and real estate development firm having a base in Hong Kong, founded by members of the US's Rockefeller family,

Kirill Korolev, CEO & general director of Vung Ro Petroleum, said: "We are extremely excited to be embarking on this mega project and very pleased to be working with Rose Rock Group, a strong and reliable partner who will help us to ensure the success of this development.

"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."

Collin Eckles, president of Rose Rock Group, said: "We are delighted to be working with Vung Ro Petroleum on the Vung Ro Bay development project and we look forward to making this development an outstanding and preferred destination in the Asia Pacific region for visitors and a lifestyle choice for residents."

Korolev said: "Vietnam is rapidly evolving as a unique destination for investment, residence and tourism.

"We see this as a country of dynamic and diverse investment opportunity, with an economy that is growing at among the highest rates in the world.

"Its strong fundamentals and favourable demographics make this an attractive investment destination for many people."