Economy
Contracts worth $286.3 million inked at Việt Nam Int’l Defence Expo 2024
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| The concrete frames built at the project site in Phú Thuận Commune in Thừa Thiên-Huế Province. Photo cand.com.vn |
Viet Nam News
THỪA THIÊN-HUẾ — Authorities in Thừa Thiên-Huế Province have decided to revoke the investment licence given to build a resort and upmarket residential areas in the region, after the project has been delayed.
The province’s People’s Committee last week decided to withdraw the licence given to Vinconstec Huế. The project cost was estimated at VNĐ600 billion (US$27 million).
In 2007, the committee handed over 70ha of land near a local lagoon to the investor, who promised to complete the project in 10 years. The proposal included the construction of a five-star hotel, a 26ha resort, 400 luxurious apartments, 150 ocean-view villas and 730 street-view houses.
Work started in 2008 with some concrete frames for houses being built at the site in Phú Vang District’s Phú Thuận Commune, but construction came to a halt in 2012.
The committee revoked the licence after they were approached by irate residents who had given land for the project and were upset by the delay. Local firms said the investor owes them money for the purchase of construction materials and for workers’ payment.
There is a lot of public concern that the committee offered the project to an unqualified investor like Vinconstec. — VNS
