Ninh Thuan revokes investment certificate for tourism project

Monday, Mar 30, 2015 16:17

A corner of Mui Dinh in Thuan Nam District's Phuoc Dinh Commune in the southern province of Ninh Thuan. The provincial People's Committee on March 23 withdrew the investment certificate granted for the construction of the Mui Dinh tourism complex project. — Photo vneconomy.vn

HA NOI (Biz Hub) — The People's Committee of the southern Ninh Thuan Province on March 23 withdrew the investment certificate granted for the construction of the Mui Dinh tourism complex project.

The project investor, United States-based Cedar Point International, had not paid the committed deposit.

In 2010, the Hong Kong-based Polo Beach International Limited proposed to invest a total initial registered investment of US$4.5 billion in the project. The committee approved its proposal at the end of June in the same year.

The 1500ha project was planned to be built in Thuan Nam District's Phuoc Dinh Commune. It was expected to include resorts, a large entertainment complex, villas and community constructions, besides a gaming zone for foreigners.

At the beginning of 2011, the province planned to award an investment certificate for the project on the first anniversary of its economic development office. However, it did not happen as the Prime Minister did not issue any such directive.

In October 2011, the Prime Minister approved a proposal of the ministry of planning and investment to terminate the project of the Hong Kong investor. Earlier, Polo Beach International Limited had proposed to carry out a similar project in neighbouring Binh Thuan province, but its proposal was not approved.

Cedar Point International asked for an investment opportunity in Mui Dinh tourism complex after Polo Beach withdrew. Cedar Point International planned to invest $450 million to construct the 300ha project.

According to Ninh Thuan Economic Development Office, the project was awarded an investment certificate at the end of February in 2012, but the document was not given to the investor.

The American company then committed to pay a deposit for an investment of $1 million. According to American laws, investors must have an official document of local authorities approving their investment, so that they can transfer the deposit amount outside the United States. Ninh Thuan sent a copy of the investment certificate to the American company, but the investor did not pay the deposit as committed.

The province will continue to call for investment in this project, where there is beautiful nature and potential to develop tourism projects. — VNS

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