Binh Dinh province terminates $31 mln amusement park project

By Nguyen Tri, Minh Hue
Wed, June 19, 2024 | 8:59 am GMT+7

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

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.

Comments (0)
  • Read More
Central Vietnam province Ha Tinh okays $644 mln wind power project

Central Vietnam province Ha Tinh okays $644 mln wind power project

Ha Tinh province's authorities have green-lighted the 400MW Ky Anh wind power project with an investment of VND17 trillion ($644.37 million), which is set to go into operation in Q4/2028.

Energy - Fri, September 19, 2025 | 6:27 pm GMT+7

Emerging trends in Vietnam's real estate market

Emerging trends in Vietnam's real estate market

Analysts from Indochina Strategic, the real estate advisory arm of Indochina Capital (ICC), offer an insight into 10 emerging trends shaping Vietnam’s real estate M&A market in 2025.

Real Estate - Fri, September 19, 2025 | 4:58 pm GMT+7

Quang Ngai Sugar JSC expands power-sugar complex in central Vietnam

Quang Ngai Sugar JSC expands power-sugar complex in central Vietnam

Gia Lai province's authorities have allowed Quang Ngai Sugar Joint Stock Company (UPCoM: QNS) to raise the capacity of its An Khe Biomass Power Plant project from 95 MW to 135 MW.

Energy - Fri, September 19, 2025 | 4:06 pm GMT+7

Lotte to 'terminate' Eco Smart City project in HCMC

Lotte to 'terminate' Eco Smart City project in HCMC

Lotte Properties HCMC Co., Ltd. has sent a document to Ho Chi Minh City's Department of Finance announcing the termination of its $900 million Lotte Eco Smart City project in the Thu Thiem New Urban Area.

Real Estate - Fri, September 19, 2025 | 11:11 am GMT+7

Mining giant Vinacomin proposes coal processing, warehouse project in central Vietnam

Mining giant Vinacomin proposes coal processing, warehouse project in central Vietnam

State-owned Vinacomin, also called TKV, has proposed adjusting the Southeast Quang Tri Economic Zone planning to accommodate its VND800 billion ($30.32 million) coal processing and warehouse project.

Industries - Fri, September 19, 2025 | 8:31 am GMT+7

Vietnam, Russia eye setting up joint venture for maritime transport route

Vietnam, Russia eye setting up joint venture for maritime transport route

Vietnam and Russia are studying establishing a joint venture operator of a maritime transport route, underscoring their shared commitment to deepening cooperation in shipbuilding, logistics, and maritime infrastructure.

Companies - Thu, September 18, 2025 | 9:31 pm GMT+7

Coteccons consortium wins Long Thanh Airport contract worth $128 mln

Coteccons consortium wins Long Thanh Airport contract worth $128 mln

HANTA2, a consortium of Coteccons Construction JSC, Hanoi Construction Corporation – JSC and ATAD Steel Structure Corporation, has won the bid for a construction package worth VND3.38 trillion ($128 million) at Long Thanh International Airport.

Companies - Thu, September 18, 2025 | 9:22 pm GMT+7

Vietnam PM orders full disbursement of public investment in 2025

Vietnam PM orders full disbursement of public investment in 2025

Prime Minister Pham Minh Chinh has requested ministries, central agencies, and localities to ensure 100% disbursement of public investment capital in 2025.

Companies - Thu, September 18, 2025 | 9:18 pm GMT+7

EU, Indonesia to sign trade deal next week

EU, Indonesia to sign trade deal next week

The European Union and Indonesia have finalized a trade agreement that is expected to be signed on September 23.

Southeast Asia - Thu, September 18, 2025 | 9:06 pm GMT+7

The first project at VSIP Can Tho industrial park licensed

The first project at VSIP Can Tho industrial park licensed

Can Tho city's export processing and industrial zones authorities have granted an investment registration certificate for the $100 million Bestway Can Tho sports technology plant project in Vinh Trinh commune.

Industries - Thu, September 18, 2025 | 9:04 pm GMT+7

Lego Manufacturing Vietnam signs direct power purchase agreement with VSIP

Lego Manufacturing Vietnam signs direct power purchase agreement with VSIP

Lego Manufacturing Vietnam has signed a Direct Power Purchase Agreement (DPPA) with Vietnam-Singapore Industrial Park (VSIP) as part of the company's ambition to operate its new factory, which opened in April 2025, on 100% renewable energy.

Industries - Thu, September 18, 2025 | 4:07 pm GMT+7

Con Vanh golf course in northern Vietnam to debut in 2028

Con Vanh golf course in northern Vietnam to debut in 2028

Huy Hoang Urban Development and Investment JSC aims to put its VND2,156 billion ($81.75 million) Con Vanh golf course project in Hung Yen province into operation in early 2028.

Real Estate - Thu, September 18, 2025 | 3:21 pm GMT+7

No new grade B office supply in HCMC’s CBD until 2028: Knight Frank

No new grade B office supply in HCMC’s CBD until 2028: Knight Frank

No new Grade B office supply is entering Ho Chi Minh City's central business district (CBD), marking a significant shift in the market as developers are forced to build affordable office space further afield, said Knight Frank Vietnam.

Real Estate - Thu, September 18, 2025 | 1:42 pm GMT+7

What are expectations for Vietnam's stock market from Fed rate cut?

What are expectations for Vietnam's stock market from Fed rate cut?

The Federal Reserve's interest rate cut is expected to support Vietnam's effort to have its stock market status upgraded by FTSE Russell from "frontier" to "secondary emerging" and attract foreign capital after the strong net selling momentum in recent times.

Economy - Thu, September 18, 2025 | 12:33 pm GMT+7

UOB's latest USD/VND forecast is 26,300 in Q4/2025, 26,200 in Q1/2026

UOB's latest USD/VND forecast is 26,300 in Q4/2025, 26,200 in Q1/2026

Singaporean bank UOB predicted that the USD/VND exchange rate will be on a decline in the coming quarters to 26,300 in Q4/2025, 26,200 in Q1/2026, 26,100 in Q2/2026, and 26,000 in Q3/2026.

Economy - Thu, September 18, 2025 | 9:07 am GMT+7

Agribank - A Strategic gateway for Vietnam’s carbon credits to global market

Agribank - A Strategic gateway for Vietnam’s carbon credits to global market

Carbon credits are emerging as a valuable form of “green asset.” However, to unlock their full potential and turn it into tangible value, Vietnamese businesses require strong financial backing, technical expertise, and market linkages.

Companies - Thu, September 18, 2025 | 9:05 am GMT+7