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Ba Ria Vung Tau $1.3b Wonderful World park axed

Update: February, 14/2012 - 10:43

VUNG TAU — The Ba Ria-Vung Tau People's Committee has agreed in principle to withdraw Good Choice USA-Viet Nam Co's US$1.3 billion investment licence for a tourism project in the southern coastal city.

The decision was made after the provincial Department of Planning and Investment consulted other local departments about ways to speed-up the slow-moving project, which has been moving at a snail's pace for the last four years.

"We have sent two documents to the project's investor, Good Choice USA-Viet Nam Co, asking the enterprise to complete the procedures required to liquidate the project," Dang Minh Thong, the department's deputy director, said.

"After this, we will petition the People's Committee to make a final decision on revoking the project's licence. We have yet to receive a response from the firm. Even if we hear nothing the decision will remain unchanged," he said.

The Vung Tau Wonderful World Theme Park Project includes a five-star hotel with 2,500 rooms, several four-star hotels with 4,000 rooms, an entertainment park and a convention centre.

The project, one of the biggest in the province, has failed to get off the ground since an investment licence was granted in February 2008.

"We have failed to contact the representatives of the investor, an affiliate of California-based Good Choice USA, in Viet Nam," Thong said.

"After the licence is revoked, the province will keep development plans for the site unchanged, and will call for local and foreign investment," he added.

Thong said the province was looking into other slow-moving projects and would help investors speed-up work or would scrap those that lacked adequate funding.

Last year, the provincial authority revoked the licences of 24 slow-moving foreign – and domestic-invested projects.

Thong said priority this year would be given to reviewing the implementation of licensed projects to ensure the capital flow into the province, adding that since 2009, regular dialogues had been held between local authorities and investors in an attempt to address any financial difficulties.

Last year, FDI disbursement exceeded total registered capital in the province at $1.2 billion. — VNS

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