Largest film studio project goes bankrupt
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Local authorities have canceled the Vina Universal Tourism and Film Studio project in the central province of Quang Ngai after three years of construction delays, said local officials.
Located on Sa Huynh Beach in Duc Pho District, the 2.5-hectare project was planned to include a high-class hotel and spa, golf, amusement park and film studio.
Tan Tao Corporation started the project in early 2008, investing nearly US$50 million.
However, the company has failed to begin construction as planned due to financial problems and site clearance issues.
The Ho Chi Minh City based Tan Tao Investment & Industry Corporation is one of the leading industrial park, tourism and urban area developers in Vietnam.
