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The developers of a multi-billion dollar tourism project in Vietnam’s central Phu Yen province are letting time slip away from them.

Hon Chua Island

Work is yet to begin at the $4.3 billion, high-grade tourism complex project - one of Vietnam’s biggest. Brunei’s New City Vietnam Company might now fail to bring the project online next year as previously scheduled.

Nguyen Chi Hien, director of Phu Yen Provincial Department of Planning and Investment, said the developer had completed site clearance but was now “selecting the main contractor”, adding there was no timeline for the project’s construction.

Frank Cheung, general director of New City Vietnam, did not respond when contacted by VIR, while the company’s deputy general director Ngo Anh Tuyet refused to comment.

But, Hien said despite the project’s slow progress, the developer was actively working with provincial authorities to complete necessary procedures. And to push the project forward, Phu Yen Provincial People’s Committee decided to establish a special task force for help New City Vietnam to implement its investment commitment.

The tourism complex project, which was licenced in 2008, will cover 565 hectares in the province. The developer plans to build three four-star hotels with 900 rooms and four, five-star hotels with 2,250 rooms. In addition, the investor will build villas, residential areas, diving zones, a sport centre, a water park, a commercial area, office buildings, a golf course, an electronic gaming centre and a health care centre.

Once completed, this will be one of the largest tourism projects in Vietnam along with the $4.2 billion Ho Tram Strip in southern Ba Ria-Vung Tau province, which is being developed by Asian Coast Development (Canada) Limited and the $4 billion South Hoi An project developed by VinaCapital and Genting Group in central Quang Nam province.

In 2010, New City Vietnam started the first stage of the project in Phu Yen. A road connecting the project site with the National Road 1A has already been completed. But, the slowness of site clearance stalled the project.

Phu Yen People Provincial Committee announced boosting the development of New City Vietnam’s project, the largest-ever foreign-invested one in the province, would be a priority this year to improve the local investment climate.

The province is also considering the development of an urban township alongside the road linking New City Vietnam’s project to the National Road 1A.