The Department of Planning and Investment of central Khanh Hoa Provincehas proposed the provincial authorities consider withdrawing theinvestment licence of the 1.25 billion USD Phoenix Beach Resort Projectsince it failed to accumulate sufficient capital on time.
According to the department’s document, the project’s investor, India’sDewan International Vietnam Company, failed to make an initial capitalinvestment of 20 percent of the total registered capital even when thedeadline has been extended two times.
The latest extended deadline was June 30 this year.
The company instead requested another extension and the grant of a new investment licence.
The project envisaged the construction of numerous resort facilitiesas well as high-rise buildings along the main beach in Nha Trang fromTran Phu Bridge to Da Tuong Street.-VNA