Syrena Vietnam Investment and Development Company, a subsidiary of real estate developer BMI Group and the investor of the project, said it would build 54 high-end villas during the first phase.
During the second phase, 46 more villas will be constructed.
The project will cover an area of nearly 65 hectares in Ninh Hai District of Ninh Thuan Province and cost about VND1.6 trillion (US$66 million).
Currently, Amanoi Resort, also in Vinh Hy Bay, is the only six-star resort in Vietnam.
Ninh Thuan is home to several attractions including a world biosphere reserve, Cham Kingdom relics and culture, and beautiful sand dunes.