A mega tourism project in the central coastal province of Phu Yen with registered capital of VND18,405 billion ($775 million) has remained idle for over a decade due to problems with land allocation.
Xuan Thien Ninh Binh Company Limited, under Xuan Thien Group, broke ground for the 140-hectare Cu Lao Mai Nha (Mai Nha isle) luxury tourism resort in Tuy An district, Phu Yen province in 2009. Of the 140 hectares, 130 are island areas, 10 are inland and nearly 600,000 square meters are water surface.
Initially, the investment included VND1,165 billion ($48.91 million) for the first phase from 2012-2016, VND1,428 billion ($59.95 million) for the second phase from 2016-2020, and VND15,812 trillion ($663.81 million) from 2020-2025.
In February 2021, Phu Yen authorities approved amended planning for the project, with a goal of building the facility in tandem with local infrastructure and long-term tourism growth.
Per the amended planning, the project now covers 16.77 hectares of land and 59.18 hectares of water. However, since then, the investor has yet to start construction on the project.
On-site scenes show that the project remains empty, while some areas are being utilized to farm animals or store wood by local citizens.
Vo Thanh Phuong, head of the Phuoc Dong village, said citizens once hoped the project would improve economic conditions in the area, however, snail-pace implementation has negatively impacted their lives.
For example, a casuarina plantation that was harvested once every four years has been removed to make way for the project, hurting the local economy.
Huynh Van Khoa, chairman of Tuy An district, said site clearance had been completed and the investor was completing some remaining land-related procedures.
Phu Yen Vice Chairman Le Tan Ho said the province is processing land allocation and adjusting the project’s schedule to allow it to move forward.