The northern province of Phu Tho has terminated an eco-residential area, resort and sports project worth about US$1.5 billion in Tam Nong district, citing the investor’s weak capacity as the reason for this decision.
The Dream City project, invested in by the Viet Han Trading – Advertising – Construction – Real Estate Co. Ltd, was granted an investment certificate in January 2010.
It was set to build a complex of world-standard residential, eco-tourism and entertainment areas covering 2,050ha, including a golf course, villas, resorts, residential areas, a park, sports facilities, a casino and horse racing tracks.
The project was assessed as the biggest investment project in Phu Tho.
However, after committing to the project, Viet Han has just carried out site clearance on a very small area. The cleared area has also been abandoned by the business.
Phu Tho is taking various measures to promote investment. It attracted five foreign direct investment (FDI) projects worth US$14.5 million in the first nine months of 2018. It currently houses projects of about 150 FDI firms with total registered capital of US$1.1 billion.
The province aims to attract VND5.5 – 6 trillion of investment capital from both domestic and foreign investors this year, up 10 – 15% from 2017.