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.
- Related News
- Read More
$114 mln industrial park project breaks ground in southern Vietnam province Tay Ninh
The Thu Thua Industrial Park project, with an investment of more than VND3,000 billion ($114.36 million) in the southern province of Tay Ninh, is expected to create 25,000 jobs and boost the regional economy.
Industrial real estate - Mon, August 11, 2025 | 8:18 pm GMT+7
Vietnam dairy producer LOF appoints new CEO
The Ho Chi Minh City-headquartered LOF International Dairy Products JSC has appointed Doan Huu Nguyen as its new CEO, effective from August 5, in the context of its after-tax profit plunging 86.16% year-on-year in H1.
Companies - Mon, August 11, 2025 | 5:30 pm GMT+7
Vietnam, S Korea seek strengthened investment ties in semiconductors, renewables, smart city building
Vietnam and South Korea seek to scale up their investment collaboration in infrastructure development, high-tech electronic manufacturing, semiconductors, AI, renewable energy, smart city building, and construction of specialized industrial parks, their top leaders stated on Monday.
Economy - Mon, August 11, 2025 | 4:56 pm GMT+7
Central Vietnam province Quang Tri’s $2 bln energy project in Laos inspected
The $2 billion AMI Savannakhet wind power plant in Laos’ Savannakhet province are among five projects of the central province of Quang Tri named by the Government Inspectorate in its latest large-scale inspection.
Energy - Mon, August 11, 2025 | 3:57 pm GMT+7
Vietnam's benchmark VN-Index surpasses 1,600 points
An unprecedentedly high inflow of cash into Vietnam's stock market drove the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), to reach the 1,600-point threshold on Monday morning.
Finance - Mon, August 11, 2025 | 1:27 pm GMT+7
Vietravel Airlines soars under T&T Group helm
Since joining conglomerate T&T Group, Vietravel Airlines, a member of travel service provider Vietravel Group, has undergone a rapid transformation, from leasing aircraft to owning three planes in just two months.
Companies - Mon, August 11, 2025 | 10:49 am GMT+7
T&T Group, Saigon Co.op partner to expand retail models in Vietnam's urban areas
Vietnam’s conglomerate T&T Group and Ho Chi Minh City-based retail major Saigon Co.op on Saturday signed a strategic cooperation agreement to jointly develop diverse retail models within T&T Group’s nationwide urban real estate projects.
Companies - Mon, August 11, 2025 | 10:17 am GMT+7
Investment wave returns, land prices in central Vietnam hub Danang hit new highs
Danang city’s real estate market is seeing a strong comeback from investors in both the north and south of Vietnam, with several areas setting new price benchmarks.
Real Estate - Mon, August 11, 2025 | 8:30 am GMT+7
Consortium proposes $2.48 bln metro line linking HCMC to Long Thanh airport
A consortium led by multi-sector firm DonaCoop and VinaCapital has proposed a VND65 trillion ($2.48 billion) metro line connecting Ho Chi Minh City with Long Thanh International Airport in the neighboring province of Dong Nai.
Infrastructure - Mon, August 11, 2025 | 8:00 am GMT+7
Real estate developer Phat Dat’s “geographical edge” from HCMC expansion: From strategic core to new growth driver
The merger of Binh Duong and Ba Ria-Vung Tau into Ho Chi Minh City is ushering in a new chapter for the southern real estate market, and Phat Dat Real Estate Development Corporation is seen as one of the top beneficiaries poised to capitalize on this timely opportunity.
Real Estate - Sun, August 10, 2025 | 2:02 pm GMT+7
Vietnam’s garment, wooden furniture exports to US likely to slow: official
From now until late 2025, and possibly into the first half of 2026, some Vietnamese exports to the U.S may struggle to sustain the rapid growth seen in the first six months of this year, said Vu Ba Phu, director of the Trade Promotion Agency under the Ministry of Industry and Trade.
Economy - Sun, August 10, 2025 | 1:27 pm GMT+7
Vietnam port operators dock strong quarter
Many port operators in Vietnam logged strong Q2/2025 net profit, and analysts said that the sector has potential to sail further.
Companies - Sun, August 10, 2025 | 10:21 am GMT+7
Vietnam's Party chief To Lam leaves for state visit to South Korea
Vietnam's Party General Secretary To Lam and his spouse Ngo Phuong Ly departed from Hanoi on Sunday morning for a four-day state visit to South Korea, at the invitation of President Lee Jae Myung.
Politics - Sun, August 10, 2025 | 9:15 am GMT+7
Japan’s Sumitomo eyes LNG power plant in central Vietnam
Sumitomo Corporation is exploring the development of an LNG-to-power plant in Vietnam’s central coastal province of Khanh Hoa, part of its push into the country’s new energy sector.
Energy - Sun, August 10, 2025 | 8:00 am GMT+7
Brazilian meatpacker JBS to build 2 plants in Vietnam
Brazilian meat giant JBS S.A. will invest in two export-oriented food processing plants in Vietnam following a plan first announced in March.
Investing - Sun, August 10, 2025 | 12:28 am GMT+7
Vietnam's benchmark VN-Index likely to reach 1,800 points next year: broker
Despite potential short-term volatility from increased profit-taking pressure following a high-margin phase in late July, Vietnam’s benchmark VN-Index is expected to reach the 1,750-1,800 point range in 2026, according to leading broker Saigon Securities (SSI).
Finance - Sat, August 9, 2025 | 6:22 pm GMT+7
