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Phu Tho province puts an end to billion-USD project

The northern province of Phu Tho has terminated an eco-residential area, resort and sports project worth about 1.5 billion USD in Tam Nong district, citing the investor’s weak capacity as the reason for this decision.
Phu Tho (VNA) – The northern province of Phu Thohas terminated an eco-residential area, resort and sports project worth about1.5 billion USD in Tam Nong district, citing the investor’s weak capacity asthe reason for this decision.

The Dream City project, invested in by the VietHan Trading – Advertising – Construction – Real Estate Co. Ltd, was granted aninvestment certificate in January 2010.

It was set to build a complex of world-standardresidential, eco-tourism and entertainment areas covering 2,050ha, including agolf course, villas, resorts, residential areas, a park, sports facilities, acasino and horse racing tracks.

The project was assessed as the biggest investmentproject in Phu Tho.

However, after committing to the project, VietHan has just carried out site clearance on a very small area. The cleared areahas also been abandoned by the business.

Phu Tho is taking various measures to promote investment. It attractedfive foreign direct investment (FDI) projects worth 14.5 million USD in thefirst nine months of 2018. It currently houses projects of about 150 FDI firmswith total registered capital of 1.1 billion USD.

The province aims to attract 5.5 – 6 trillion VND ofinvestment capital from both domestic and foreign investors this year, up 10 –15 percent from 2017.-VNA
VNA
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