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Phu Tho province puts an end to billion-USD project

VNA Print

Phu Tho (VNA) – 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.

The Dream City project, invested in by the Viet Han Trading – Advertising – Construction – Real Estate Co. Ltd, was granted an investment certificate in January 2010.

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

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

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

Phu Tho is taking various measures to promote investment. It attracted five foreign direct investment (FDI) projects worth 14.5 million USD in the first nine months of 2018. It currently houses projects of about 150 FDI firms with total registered capital of 1.1 billion USD.

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

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