OTHER NEWS - June 22, 1994

Two U.S. Firms Plan Beach Resorts in Vietnam: BBI Investment Group of Chevy Chase, Md., and DeMatteis Construction Corp. of Elmont, N.Y. said they will build projects worth $380 million near Da Nang in Non Nuoc, also known as China Beach. BBI will build the bigger of the two--to consist of four hotels, a conference center and a golf course--as part of a joint venture with a Vietnamese partner. It will be the biggest investment so far by a foreign firm in Vietnam. The DeMatteis development, also to be built as a joint venture, will be worth at least $100 million, the company said. It will include a five-star hotel, townhouses, offices and a marina. China Beach was an in-country R&R; center for U.S. servicemen in Vietnam during the war that ended in 1975.