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Monday, July 22, 2024

Binh Dinh terminates VND800 billion entertainment project

The Saigon Times

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HCMC – The south-central province of Binh Dinh has terminated an entertainment project capitalized at nearly VND800 billion due to the developer’s failure to comply with required financial procedures.

The decision was signed on June 18 by Dang Vinh Son, head of the Binh Dinh Economic Zone Authority following an April 11 report that documented Phu Son Thuan Construction Investment Company’s non-compliance with escrow deposit requirements.

Approved in 2022, the Thi Nai Lagoon Entertainment Park project covered 30.43 hectares in Quy Nhon City, Binh Dinh Province, with a budget of VND795.7 billion. The complex was set to include a water park, an aquarium, hot springs, roller coasters, adventure games, and paintball facilities, with a timeline for operation set at 36 months from the date of land allocation.

The Binh Dinh Economic Zone Authority cited Article 48, Clause 2, Point D of the Investment Law for the project’s termination. Phu Son Thuan must now complete procedures to liquidate the project and fulfill its legal obligations.

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