Vietnam cancels multi-million dollar projects
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Local governments revoked many foreign projects, which showed no signs of getting off the ground due to insufficient capital.
STX Vina Industrial Complex developed by South Korea’s STX Group in central Khanh Hoa Province:
Licensed in 2008, the US$500-million STX Vina complex was known as the biggest foreign-invested project in Van Phong Economic Zone.
The 100-hectare complex was tailored to build container ships, big oil tanks and manufacture off-shore petroleum production equipment and many other capabilities.
The provincial authorities recalled the license after the Korean investor made no progress for a long time because of financial difficulties.
AJ Vietstar Complex co-developed by A-Jung Engineering & Construction Ltd, Korea-Vietnam Engineering & Construction Ltd and a Korean individual in the southern province of Ba Ria-Vung Tau:
The $200 million AJ Vietstar was licensed in 2009.
It was designed to have townhouses, two apartment blocks, a four-star hotel, a luxury commercial center, international schools, recreational areas, health care facilities, and other components.
The project had their investment license revoked a year later due to the investor’s weak financial capacity.
Dragon Beach eco-resort owned by Dragon Beach Group in central Quang Nam Province:
The $4.15 billion project was allocated 400 hectares on the seafront for building nine hotels, a 10,0000-seat convention center, office space, shopping malls, villas, apartments, and casinos.
Licensed in 2009, the multi-billion dollar project by the US’s Tano Capital LLC and Global C&D was considered the biggest project in central Vietnam.
But the provincial government withdrew the license in last November after the US developer had failed to pay the deposit and to carry out some other tasks as agreed.
