Binh Dinh terminates $31 million project

June 19, 2024 | 20:13

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The central province of Binh Dinh has put an end to an entertainment project worth over VND795 billion ($31 million) after the developer failed to make deposits for site clearance and compensation.

Binh Dinh terminates $31 million project

Binh Dinh Economic Zone Management Authority (BEZA) has terminated the operation of the Dam Thi Nai (Thi Nai Lagoon) Amusement Park by Phu Son Thuan Construction Investment Company. The company has failed to comply with escrow deposit requirements.

The escrow deposit is a measure to ensure that investors carry out the project after it has been assigned. According to the 2020 Law on Investment, the deposit level ranges from 1-3 per cent of the total investment, depending on the scale and progress of implementation.

Therefore, BEZA cited Article 48, Clause 2, Point D of the Law on Investment for the project’s termination. Following the decision, BEZA requested that Phu Son Thuan complete procedures for liquidating the venture and fulfill the investor's obligations.

The company won approval to develop the Dam Thi Nai Amusement Park project in 2022. Covering an area of 30.43 hectares, the project was reportedly worth VND795.7 billion ($31.3 million) and has been stipulated to be put into operation within 36 months from the date the investor received the land allocation or land lease decision.

Dam Thi Nai Amusement Park was to boast entertainment amenities such as a water park, aquarium, hot springs, roller coasters, adventure games, and paintball facilities.

Located approximately 8km northeast of Quy Nhon in Binh Dinh, Thi Nai Lagoon is the largest of its kind in Binh Dinh, characterised by vast green mangrove forests and an extensive network of canals.

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By Vy Bui

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