Starwood Hotels & Resorts Worldwide Inc. (HOT) and Kinh Bac Corp. have signed an agreement to jointly develop two five-star resorts worth $140 million in Vietnam, the Ministry of Planning and Investment said Wednesday.

The companies will build the $100-million Le Meridien Danang Resort & Spa on 8.4 hectares of land in the central coastal city of Danang, 760 kilometers south of Hanoi, the ministry said in a statement.

They will also build the $40-million Sheraton Dalat Resort & Spa on 18 hectares in the tourist city of Da Lat, 300 kilometers northeast of Ho Chi Minh City, it added.

It didn't provide a timetable for the construction of the resorts.

-By Vu Trong Khanh, Dow Jones Newswires; 844 35123042; trong-khanh.vu@dowjones.com