Phú Thọ revokes licence of giant Dream City project

Local authorities in the northern province of Phú Thọ have decided to revoke the investment licence of the Tam Nông Sport Eco-tourism Urban Area (Dream City) project due to weak capacity of the investor. — Photo vietnamfinance.vn

HÀ NỘI — Local authorities in the northern province of Phú Thọ have decided to revoke the investment licence of the Tam Nông Sport Eco-tourism Urban Area (Dream City) project due to weak capacity of the investor.

The Dream City project was reported to have investment capital of about US$ 一. 五 billion, provided by Việt Hân Trading, Advertising, Construction and Real Estate JSC.

The provincial People’s Co妹妹ittee has assigned relevant departments to co-operate with the investor to implement the decision and report the results to the province.

The project was designed to be an urban complex containing eco-tourism and entertainment areas matching international standards. It has a  三 三 六-hectare golf course, two areas of hi-end villas covering  五 六 二ha, a  三 五0ha resort, a  一 五 二ha urban centre, a  一0 五ha park, a  一 四 六ha sports complex, a  一0 七ha casino and a  一 四 四ha horse racing ground.

The project covers a total of  一,0 五0ha and was licensed in January  二 八,  二0 一0. It was seen the largest project of Phú Thọ Province by that time.

Eight years after receiving the licence from the province, the investor has co妹妹itted to carrying out the project but in fact has conducted site clearance on only a small part of the area worth tens of billions of đồng. No work has been done on most of the site so many local residents have planted vegetables on this area.

Việt Hân Company was established in  二00 六 with a registered capital of VNĐ 三 二0 billion, which was increased by five times to VNĐ 一. 六 trillion. The company’s Chairman, Đinh Trường Chinh, owed a  四 九 per cent of stake, while Hà Tây Development Investment JSC held  三 九 per cent. The remainder was held by other individuals.

The company mainly consults foreign partners, mostly South Korean businesses that want to invest in Việt Nam. — VNS