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|Local authorities in the northern province of Phu Tho have decided to revoke the investment licence of the Tam Nong Sport Eco-tourism Urban Area (Dream City) project due to weak capacity of the investor. - Photo vietnamfinance.vn|
The Dream City project was reported to have investment capital of about US$1.5 billion, provided by Viet Han Trading, Advertising, Construction and Real Estate JSC.
The provincial People’s Committee has assigned relevant departments to co-operate with the investor to implement the decision and report the results to the province.
The project was designed to be an urban complex containing eco-tourism and entertainment areas matching international standards. It has a 336-hectare golf course, two areas of hi-end villas covering 562ha, a 350ha resort, a 152ha urban centre, a 105ha park, a 146ha sports complex, a 107ha casino and a 144ha horse racing ground.
The project covers a total of 1,050ha and was licensed in January 28, 2010. It was seen the largest project of Phu Tho Province by that time.
Eight years after receiving the licence from the province, the investor has committed to carrying out the project but in fact has conducted site clearance on only a small part of the area worth tens of billions of dong. No work has been done on most of the site so many local residents have planted vegetables on this area.
Viet Han Company was established in 2006 with a registered capital of VND320 billion, which was increased by five times to VND1.6 trillion. The company’s Chairman, Dinh Truong Chinh, owed a 49 per cent of stake, while Ha Tay Development Investment JSC held 39 per cent. The remainder was held by other individuals.
The company mainly consults foreign partners, mostly South Korean businesses that want to invest in Vietnam.