Quang Nam revokes licence for $4.15b resort

Quang Nam People’s Committee has revoked the investment licence for the US$4.15 billion Dragon Beach eco-tourism complex after the US investors failed to start the project as required.

Licensed in September, 2009, Dragon Beach was to have been the major foreign-invested project of the central-central highlands.

The investors, Tano Capital LLC and Global C&D INC, had pledged to develop the resort on about 400ha in the Dien Ban District.

It was to have included nine hotels, international trade and conference centres, villas, entertainment facilities and a golf course.

But the joint-venture failed to provide the deposit necessary to prove their financial capacity as well as pay for site clearance and resettlement.

The Planning and Investment Ministry asked provincial administrations in early September to review the progress of several major foreign-invested projects.

These included the $9.8 billion Ca Na steel complex in central Ninh Thuan Province; the South Korean AJ Vietstar Company’s $1 billion project in southern Ba Ria -Vung Tau Province and the $7.9 billion Formosa steel complex in central Ha Tinh Province. – VNS

Tags: Dragon Beach eco-tourism complex