The Vietnamese Ministry of Defence (MoD) has decided to offload a former US airbase in the Khánh Hòa province on the south central coast.
An initial evaluation by the Vietnamese authorities has estimated the value of the property to be around $540m.
A shopping-service mixed development is expected to come up on the Nha Trang airbase that stretches to approximately 186 hectares, reported Thanhnien News.
Around 10 hectares on the beachfront of the property has been assigned for public facilities such as a park, a museum, and an exhibition centre.
Though the authorities have not yet disclosed details about the potential investors, local media reported that four companies expressed interest in the deal.
Built by the French in 1949, the airbase was previously the centre for the US Air Force military training before being selected as the air instruction centre for the Vietnamese Air Force (VNAF).
Nha Trang airbase stopped functioning as an airport in late 2009 when the Air Force moved to Binh Thuan Province near the Ho Chi Minh City.
Other bases operated by US in Vietnam include Tan Son Nhut air base, Bien Hoa air base and Marble Mountain Air Facility.
Image: Nha Trang airbase stretches upto approximately 186 hectares. Photo: courtesy of Wikipedia.