Vung Tau Paradise Joint Venture’s $97 million tourism project is set for judgement day. After 17 years of slow implementation the Ba Ria-Vung Tau Planning and Investment Department (BPID) will decide to stop the project in its tracks within the next two months.

Scores of foreign-backed resorts are still on the cards

BPID director Le Kim Huong told Vietnam Investment Review that the department was likely to put the skids under the project, but was waiting for the Ministry of Planning and Investment’s final decision.

Huong said investors had been given many chances to keep the project rolling, however, no further capital could be found. Investors pushed authorities to grant a 50-year project licence instead of 25 years.

Huong said the BPID had helped Paradise find new partners from the US, Taiwan, China. However, no investor was prepared to run with the ball. “We do not want to do this [revoke the licence]. However, the project has been delayed for long time and we must obey the law,” Huong said.

Licenced in 1991, the Paradise joint venture was set up between the Vung Tau International Tourist Service Company (Intourco) and Taiwan’s Paradise Development & Investment Company. Some $15 million was to come from the local partner.

Investors planned to build a 220 hectare complex with a 1,500-room hotel, an area for water sports, a Vietnamese traditional music centre, parks and a 27-hole golf course. So far, only the golf course and a number of villas have been built.

(Source: VIR)

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