The central province of Quang Nam has decided to halt the planning and implementation of a series of projects in the eastern part to enhance the provincial investment environment.
|Quang Nam has terminated the implementation of delayed projects to facilitate investment in the eastern region |
The Quang Nam Economic Zones Management Authority has recently terminated seven investment projects and cancelled five planning schemes of theme parks, resort villas, and luxury hotels in the province’s eastern part in 2021.
Nguyen Quang Thu, director of the Quang Nam Department of Planning and Investment, said that there are multiple explanations why those projects could not be implemented, including problems with land procedures, site clearance, and most importantly, the lack of qualified investors.
Last December, Tran Van Tan, deputy chairman of Quang Nam People's Committee, signed a decision to revoke Decision 1582/QD-UBND on approving the detailed construction planning resort complex in Binh Duong commune, constituting nearly 184 hectares.
|Quang Nam is reviewing all legal documents related to key investment projects in the east, thereby identifying problems and tailoring solutions for each of those. |
Prior to this, the province has requested to halt investment in the PPC An Thinh international resort complex of Nam Hoi An International JSC. The investment decision was approved in 2017 with a total registered capital of approximately $189 million.
In addition, the province has issued a decision on revoking the investment policy of the Phuoc Minh tourist project in Dien Duong ward while terminating investment activities and appointments of investors to four more projects of Bach Dat An JSC.
“Currently, the most significant difficulty confronting the east is site clearance because of the complicated land situation. Under the direction of the chairman of Quang Nam People's Committee, the province is incorporating all regional plans with the provincial general planning in order to complete investment and connect infrastructure. It is also conducting site clearance for project and investment attraction, thus boosting growth momentum for the eastern region", said Thu.
Quang Nam is reviewing all legal documents related to key investment projects in the east, thereby identifying problems and tailoring solutions for each of those. According to Le Tri Thanh, chairman of Quang Nam People's Committee, the province will eliminate delayed and insufficiently funded investment projects, thereby creating opportunities for prospective capable investors.
In 2021, Quang Nam attracted and granted new licenses to 50 investment projects, including 43 domestic and 7 foreign direct investment projects totalling more than $302 million in total registered capital.
The eastern region of Quang Nam encompasses nine districts, cities, and towns, with Hoi An city and Nui Thanh district connected through Chu Lai Airport. It consists of the 69-km Vo Chi Cong arterial traffic axis that runs along the coastline.
It is classified as the key economic region of Quang Nam province and Central Vietnam, prioritising the development of the marine economy and industries such as services, tourism, clean energy, and high-tech agriculture.