Ninh Thuan has decided to terminate the project, citing a lack of investment.
Ninh Thuan province is now seeking other sources of investment, with the Ninh Thuan Economic Development Office (Ninh Thuan EDO) citing Mui Dinh's natural beauty and great potential to develop tourism projects.
The reason for the cancellation is that investor Cedar Point International (US) has not made a deposit to ensure the implementation of the project in accordance with its commitment to the province.
The firm proposed to invest in the 300ha Mui Dinh Luxury Tourist Area for an amount of $450 million. The project received certification in February 2012, however it has yet to receive any investment according to Ninh Thuan EDO.
"At that time, to be able to invest in the project, Cedar committed to deposit $1 million. Due to strict US law, they requested a copy of the license from Vietnamese authorities," Ninh Thuan EDO stated. However, after receiving a copy and missing several deadlines, it has yet to make a deposit and has taken no action in investing in the project according to Ninh Thuan EDO.
Polo Beach International Limited (Hong Kong) first set their eyes on the project in 2010 with a total investment of $4.5 billion. However, the project was not approved by the Ministry of Planning and Investment and the government due to its large scale, high investment and perceived lack of suitability.