Binh Dinh province terminates $31 mln amusement park project
The Economic Zone Authority (BEZA) of Binh Dinh province in central Vietnam has terminated the Dam Thi Nai (Thi Nai Lagoon) Amusement Park project after the developer failed to deposit funds for site clearance compensation as required.
Thi Nai Lagoon in Binh Dinh province, central Vietnam. Photo by The Investor/Nguyen Tri
According to Dang Vinh Son, head of BEZA, in 2022, the authority approved Ho Chi Minh City-based Phu Son Thuan Construction Investment JSC as the developer of the VND795.7 billion ($31.26 million) project, which covers 30.43 hectares in Nhon Hoi Economic Zone, Quy Nhon town.
Under the license, the project should have been put into operation within 36 months from the date the investor received a land allocation or lease decision from local authorities.
The Dam Thi Nai Amusement Park was to include entertainment facilities such as a water park, an aquarium, hot springs, a rollercoaster, adventure games, and paintball, he added.
According to Son, based on the developer’s site clearance and compensation plans, the project was approved by the provincial People's Committee. BEZA then requested Phu Son Thuan to advance funds to pay for compensation and site clearance, but the investor failed to do so.
In addition, in order to implement procedures to ensure the project's implementation, in 2023, the authority issued two written documents guiding the firm through how to carry out the project. However, the project is still in limbo.
"For projects that are not implemented or behind schedule, on one hand, we will work with investors to remove difficulties, but on the other hand, we will conduct inspections and impose sanctions as a basis for project revocation in line with regulations," he stated.
Son said as many as 84 households in Nhon Hoi commune have been affected by the project. Its prolonged delay has made people in the area feel insecure. They have been unable to repair their houses and have not dared to invest in aquatic farming in the lagoon.
Phu Son Thuan Construction Investment JSC was granted the first business registration certificate on May 8, 2009. This business is headquartered at 250 Nguyen Thi Minh Khai street, Vo Thi Sau ward, District 3, HCMC.
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