The 150-room hotel will cover 25ha of land at Bai Soi, one of the most beautiful beaches on Hon Tre island, offshore the beach resort city of Nha Trang.
The company announced that it had terminated a brand name leasing contract with the Accor group, one of the world's largest hotel companies, for the existing Sofitel Vinpearl Resort and Spa.
The five-star hotel complex will be renamed the Vinpearl Resort and Spa under the management of the Vinpearl Hotel Management Company.
Vinpearl's head of board of directors, Nguyen Trong Hien, said the company was striving to build its own brand, Vinpearl Land, which embodies Vietnamese spirit and value.