$4 bil tourist complex to break ground in Hoi An

Quang Nam Province is set to license a US$4 billion complex to the south of UNESCO heritage city Hoi An after scrapping a similar massive tourism project nearby.

Genting VinaCapital’s Nam Hoi An project will feature a five-star hotel, a resort, villas, 2,500 houses, and a casino, newswire VnExpress reported.

It has been approved in principle by the central government and its environmental-impact report and 1/2000 scale plan have been ratified.

Genting VinaCapital is a joint venture between Malaysian resort developer Genting and Vietnamese fund manager VinaCapital.

The central provincial authorities earlier canceled the license issued for the $4.15 billion Dragon Beach eco-resort in Dien Ban District after its US developer failed to pay the advance amount and carry out some other tasks as agreed.

It joined a list of big-ticket projects that have been called off around the country due to lack of funds or tardy progress.

They include 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.

The Ministry of Planning and Investment recently warned about foreign investors who are not committed but enter Vietnam merely to enjoy investment incentives and illegally sell off their projects for profit.

Source: Tuoi Tre


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