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.
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.