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Quang Nam Province scraps $4.15-bln US project
The Quang Nam Province government has withdrawn the license it issued for the US$4.15 billion Dragon Beach eco-resort after the US developer failed to pay the deposit and carry out some other tasks as agreed.
Dragon Beach Group was granted a license to build in Dien Ban District in September last year after promising to deposit $4 million and begin clearing the site and resettle residents within six months.
The people’s committee extended the deadline first to May and then, when the firm still did nothing, to August. But the investor still failed to fulfill the commitments.
The giant project was allocated 400 hectares on the seafront for building nine hotels, a convention center, office space, shopping malls, villas, apartments, and casinos.
It joins a list of big projects that have been called off due to lack of funds or tardy progress that includes a $9.8-billion Malaysian-owned steel plant in Ninh Thuan Province, a cluster of properties worth $1 billion by Korean company AJ Vietstar in Ba Ria – Vung Tau Province, and the $500-million Korean STX Vina Industrial Complex in Nha Trang.
Dragon Beach Group is a joint venture between Tano Capital LLC and Global D&C Inc, both based in the US.
Recently the Ministry of Planning and Investment asked provinces and cities to report on all tourism projects in their area by November 30.
Minister Vo Hong Phuc has warned about foreign investors who are not committed and lack financial capability but enter Vietnam to enjoy the incentives offered and illegally sell off their projects for profit.
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