Move comes after extended delays in construction.
Chairman of the Binh Dinh Provincial People’s Committee Ho Quoc Dung recently assigned the Management Board of the Nhon Hoi Economic Zone to complete procedures to revoke the investment license for the Vinh Hoi Resort project due to long-lasting construction delays.
Developed by the US-backed Viet My Hotel and Tourism Company, the project was licensed in 2006 with $250 million in investment capital committed in the first phase.
Covering 235 ha at the Nhon Hoi Economic Zone in Phu Cat district, ground was broken on the project in 2007. It was to comprise an international convention center, a five-star hotel, an 18-hole golf course, and high-end villas, with completion and opening scheduled for mid-2014.
To date the developer has only built a bypass and worked on part of the site clearance.
The local government has issued numerous warnings in the past about revoking the license.