Government Inspectorate identifies resort projects falling behind schedule in Thua Thien-Hue

By Nguyen Thuy
Sat, December 3, 2022 | 8:41 pm GMT+7

The Government Inspectorate has listed out a series of resort projects in Thua Thien-Hue province that lag far behind schedule.

The list includes the Lang Co Resort project in Phu Loc district, owned by Lang Co Tourism Co. Ltd., a joint venture between Huong Giang Tourism Co. and Viet Investment Co.

The investor has not paid VND181 billion (about $7.43 million) as the land use fee for the second period of 2018, with the deadline to pay being October 31 of that year, according to a Government Inspectorate release Thursday.

The agency says at the time of inspection, the project’s phase two has not been completed as scheduled. Up to 19 out of the 29 villas has not been built; only VND82 billion ($3.37 million) out of the pledged VND150 billion was disbursed; the project investment certificate has not been adjusted in line with the entire ground plan approved in 2013.

Lang Co area in Phu Loc district, Thua Thien-Hue province, central Vietnam. Photo by The Investor/Ngoc Tan.

Lang Co area in Phu Loc district, Thua Thien-Hue province, central Vietnam. Photo by The Investor/Ngoc Tan.

The 100-hectare Bai Chuoi Vietnam Resort project in the same district, invested by Bai Chuoi Co. Ltd. with a total investment of VND1,636 billion ($67.15 million), has fallen too far behind schedule. The inspectorate says its investment certificate was granted in 2008, but the investor has not implemented any work.

The agency says that under the investment laws 2005 and 2014, the project must come to an end, and must also be specially supervised by provincial People's Council.

According to the province’s Department of Planning and Investment, the investor has asked the Ministry of Planning and Investment to allow it to continue the project via an acquisition deal of its capital contribution.

However, in its conclusion, the inspectorate proposes the provincial People's Council withdraw the project's investment certificate.

As for the Nama Resort project, with an adjusted total investment of VND196 billion ($8.04 million), the agency’s conclusion says that the project’s shareholders have failed to contribute their stakes in time as required by the 2014 Enterprise Law and by a decision of the provincial administration in November 2015.

The project investor is Kinh Thanh Investment and Tourism Co., founded in late 2014 with the two main shareholders being Huong Giang Tourism Co. and Ho Chi Minh City-based Bitexco Group. To date, the investor has not begun any construction. Project progress has fallen far behind a requirement dated June 21, 2017 by the provincial administration.

Also on the government inspectorate’s list is the 6.9-hectare Mediterraneo Resort project in the same district. The investor is property developer Vicoland, with a total investment of VND838.5 billion ($34.41 million).

The agency says the investor has not fully submitted the deposit it pledged on July 13, 2011 with the Chan May-Lang Co Economic Zone management board. It has submitted only VND3.3 billion out of the committed VND8 billion ($328,000), while the payment deadline is August 15, 2011.

The inspectorate has asked the provincial People’s Committee to push the investor in completing the project.

An official from the provincial planning department told The Investor that 80% of the project’s construction has been finished to date.

Comments (0)
  • Read More
Vietnam's benchmark VN-Index likely to reach 1,800 points next year: broker

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

Mobile World to list mobile phone, electronic home appliance chains by 2030

Mobile World to list mobile phone, electronic home appliance chains by 2030

Mobile World Investment Corporation (MWG), a leading retailer in Vietnam, plans to conduct an IPO of and list its core retail chains The Gioi Di Dong (mobile phones) and Dien May Xanh (electric and electronic home appliances) by 2030.

Companies - Sat, August 9, 2025 | 6:04 pm GMT+7

Vietnam officially grants visa-free entry to high-profile foreigners

Vietnam officially grants visa-free entry to high-profile foreigners

The Vietnamese Government has introduced a limited-term visa waiver scheme for foreign nationals who are "prioritized for the sake of the country’s socio-economic development".

Politics - Sat, August 9, 2025 | 11:32 am GMT+7

VinEnergo launches rooftop solar, battery storage projects in central Vietnam

VinEnergo launches rooftop solar, battery storage projects in central Vietnam

VinEnergo Energy Joint Stock Company has signed MoUs to install rooftop solar power systems integrated with battery energy storage systems (BESS) with the VinFast automobile plant and two battery factories in the central province of Ha Tinh.

Companies - Sat, August 9, 2025 | 10:21 am GMT+7

Indonesia doubles lithium imports to boost EV battery production

Indonesia doubles lithium imports to boost EV battery production

Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realize its ambition of becoming a global EV manufacturing hub.

Southeast Asia - Sat, August 9, 2025 | 10:18 am GMT+7

Optimism rises for Thailand’s economy after US tariff cut

Optimism rises for Thailand’s economy after US tariff cut

Thailand’s private sector has lifted its 2025 GDP growth forecast to 1.8-2.2%, up from the previous 1.5-2%, following the U.S. decision to reduce import tariffs on Thai goods from 36% to 19%.

Southeast Asia - Sat, August 9, 2025 | 10:16 am GMT+7

Foreign investors make up 4.27% of Vietnamese G-bonds trading value in July

Foreign investors make up 4.27% of Vietnamese G-bonds trading value in July

Foreign investors accounted for 4.27% of the total trading value of Vietnamese government bonds (G-bonds) in July, with net buying at VND298 billion (nearly 11.4 million).

Finance - Sat, August 9, 2025 | 10:08 am GMT+7

Vietnam developer Taseco Land plans private share placement following HCMC bourse debut

Vietnam developer Taseco Land plans private share placement following HCMC bourse debut

Shortly after its listing on the Ho Chi Minh Stock Exchange (HoSE) as TAL, Taseco Land, a subsidiary of Vietnam’s conglomerate Taseco Group, is seeking shareholder approval for a private share placement targeted at professional investors.

Companies - Sat, August 9, 2025 | 8:00 am GMT+7

Vietnam aims to finalize negotiations for Ninh Thuan 1 nuclear power plant by August

Vietnam aims to finalize negotiations for Ninh Thuan 1 nuclear power plant by August

The Vietnamese government targets completing negotiations for Ninh Thuan 1 nuclear power plant in former Ninh Thuan province (now Khanh Hoa) by August 2025, and for Ninh Thuan 2 by May 2026 at the latest.

Energy - Fri, August 8, 2025 | 4:18 pm GMT+7

Software giant SAP invests $175 ml in R&D center in Vietnam

Software giant SAP invests $175 ml in R&D center in Vietnam

German software heavyweight SAP has officially launched a research & development center in Vietnam, with plans to invest more than €150 million ($175 million) over the next five years.

Industries - Fri, August 8, 2025 | 3:43 pm GMT+7

Carlsberg’s Phu Bai Brewery expansion in central Vietnam set to start brewing late this month

Carlsberg’s Phu Bai Brewery expansion in central Vietnam set to start brewing late this month

The expansion of Carlsberg’s brewery in Hue city, central Vietnam, with an investment of nearly $90 million, has entered trial runs and is scheduled to be inaugurated and begin full-scale production in late August.

Industries - Fri, August 8, 2025 | 2:43 pm GMT+7

Indonesia promotes nickel-based EV battery production

Indonesia promotes nickel-based EV battery production

Indonesia is advocating regulations to encourage electric vehicle (EV) manufacturers to switch from the commonly used lithium-based batteries to nickel-based ones.

Southeast Asia - Fri, August 8, 2025 | 1:54 pm GMT+7

BRICS countries account for over 35% of Malaysia’s total foreign trade turnover

BRICS countries account for over 35% of Malaysia’s total foreign trade turnover

Malaysia’s trade with BRICS nations climbed to RM818 billion ($193.47 billion) in 2024, making up 35.2% of the country’s total global trade, according to the Ministry of Investment, Trade and Industry (MITI).

Southeast Asia - Fri, August 8, 2025 | 1:52 pm GMT+7

Vietnam consumer finance major F88’s stock hits ceiling price on UPCoM debut

Vietnam consumer finance major F88’s stock hits ceiling price on UPCoM debut

The stock of F88 Investment JSC (F88), a leading consumer finance company in Vietnam, hit its ceiling price of VND888,800 ($34) on Friday, the first day of trading on the Unlisted Public Companies Market (UPCoM).

Companies - Fri, August 8, 2025 | 1:32 pm GMT+7

US tariff unlikely to dent Vietnam’s long-term FDI appeal: broker

US tariff unlikely to dent Vietnam’s long-term FDI appeal: broker

The U.S. tariff gap between Vietnamese goods and those from four other Southeast Asian countries would not erode Vietnam’s competitive edge in manufacturing and investment, said Hanoi-based Vietcombank Securities (VCBS).

Economy - Fri, August 8, 2025 | 12:24 pm GMT+7

Land clearance for Vietnam's North-South high-speed railway project to start on December 19

Land clearance for Vietnam's North-South high-speed railway project to start on December 19

Prime Minister Pham Minh Chinh has requested localities to start land clearance en masse for the gigantic North-South high-speed railway project on December 19.

Economy - Fri, August 8, 2025 | 11:52 am GMT+7