A VND824 billion ($34.88 million) resort project on My Khe Beach in the central province of Quang Ngai has been scrapped after 13 years of staying idle.
The investment license was revoked as the investor - My Khe Resort JSC failed to fulfill its financial obligations and start construction on schedule.
Chairman of the provincial People's Committee Dang Van Minh asked My Khe Resort JSC to complete procedures to terminate its My Khe beach resort project in Tinh Khe commune, Quang Ngai town before May 1, 2023.
In case the investor fails to meet the deadline, the Department of Planning and Investment (DPI) shall coordinate with relevant units to propose the establishment of an inspection team to look into the problems, he added.
At present, a tender is prepared for selecting a new investor, said DPI deputy director Nguyen Dang Loc.
The My Khe beach resort project was granted an investment certificate in 2010, covering a total area of 23.5 hectares in a period of 49 years.
The project was initially invested by IDICO Investment, Construction and Tourism JSC and then transferred to state-run Petrovietnam. In 2014, My Khe Vietnam JSC became its investor.
In October 2015, the new investor applied for a construction permit and did not start construction of the main works by the deadline December 2015.
In October 2018, Quang Ngai province recovered the land from My Khe Vietnam JSC and leased it to My Khe Resort JSC to continue project implementation.
However, as of June 2022, the investor had not yet paid the land use fee and kicked off construction.
In addition to the above project, a series of others on "golden land" areas along the 7-kilometer My Khe Beach have recorded slow construction progress.