Quang Tri cancels two coastal resort projects
The Quang Tri People's Committee on Friday canceled two coastal resort projects in the central province due to prolonged delays.
An area along the coastal road of Gio Linh district, Quang Tri province, central Vietnam. Photo by The Investor/Ngoc Tan.
The Quang Tri Economic Zone management board said that the canceled plans include the 14-hectare Cua Tung resort and tourism complex and the 23-hectare Vietinbank resort hotel at the Thuy Ban Tourism and Service Area.
These developments had been planned along the coastal route of Cua Tung-Cua Viet in the central province's Southeast Economic Zone.
The first plan was approved by the people's committee in 2007, while the second in 2008. The projects were terminated as they were delayed for too long.
Under Article 46 of the Investment Law 2014, after 12 months, if the investor fails to implement or is unable to execute the project according to the schedule registered with authorities and is not eligible for timeline extension, the project will be terminated.
Pham Ngoc Minh, head of the Quang Tri Economic Zone management board, said the cancelations would pave the way for new plans, including a plan for the area along the Cua Tung-Cua Viet coastal route, attracting new projects.
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