VND1trn ‘spiritual’ tourism project halted
The authorities in the central province of Quang Nam has stopped the VND1trn (USD44m) Thien Truc Lam tourism project due to the investor’s lack of financial capacity.
According to the report, Ba Vang Quang Nam Company, the investor, faced several obstacles in land conversion, ground clearance and compensation, environment protection. More importantly, their financial capacity is weak. As the result, the investor proposed to halt the project.
The project's groundbreaking ceremony was held on May 26, 2016. Many people donated tens of billions of VND and valuable items at the ceremony. The project was supposed to be cover 200 hectares and will be carried out in multiple phases. The first phase which covers 67 hectares at the cost of VND500bn (USD22m) is expected to be completed after one year.
The authorities have provided many preferential treatments for the investor. Even though the groundbreaking ceremony was held on May 26, the provincial authorities didn't issue the order to convert 19.59 hectares of protective forest land until June 3.
At the time, there were many controversial opinions about the decision to take protective forest land to build a tourism complex as the land is located near Phu Ninh Lake, the water source for thousands of people in Tam Ky City.
A design plan for the Thien Truc Lam tourism complex.
According to the report, Ba Vang Quang Nam Company, the investor, faced several obstacles in land conversion, ground clearance and compensation, environment protection. More importantly, their financial capacity is weak. As the result, the investor proposed to halt the project.
The project's groundbreaking ceremony was held on May 26, 2016. Many people donated tens of billions of VND and valuable items at the ceremony. The project was supposed to be cover 200 hectares and will be carried out in multiple phases. The first phase which covers 67 hectares at the cost of VND500bn (USD22m) is expected to be completed after one year.
The authorities have provided many preferential treatments for the investor. Even though the groundbreaking ceremony was held on May 26, the provincial authorities didn't issue the order to convert 19.59 hectares of protective forest land until June 3.
At the time, there were many controversial opinions about the decision to take protective forest land to build a tourism complex as the land is located near Phu Ninh Lake, the water source for thousands of people in Tam Ky City.
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