Danang pledges to continue project after investors’ arrest

December 12, 2014 | 17:00

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The city of Danang has announced that it will continue Thien Thanh Group’s $750 million trade and service complex project despite the primary investor’s arrest.

Thien Thanh Group - illustration photo

Nguyen Ngoc Tuan, deputy chairman of the city’s people’s committee made this commitment on December 11 saying, “If TTG cannot continue the project, we will search for another investor. If we cannot find any investors, we will use the local budget. This project is very important.”

“The investigation will not affect the project. We will not transfer or auction the project in any form,” Tuan added.

Thien Thanh Danang Trade and Service Complex, located at the centre of the city, has seen no progress since it was launched in 2011. As of July 31 this year many residents living on the project site had yet to be relocated.

The complex planned to include six trade and service areas as well as a hospital, schools, a stadium, convention centre and residential housing with a total floor space of 1 million square metres. Construction was initially projected to finish in 2016.

On July 29 Vietnamese police arrested three of the top executives of the Ho Chi Minh City-based group for alleged “deliberate acts against the state’s regulations on economic management, leading to serious consequences.”

By By Trung Khanh

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