The Department of Planning and Investment of central Khanh Hoa Province has proposed the provincial authorities consider withdrawing the investment licence of the 1.25 billion USD Phoenix Beach Resort Project since it failed to accumulate sufficient capital on time.

According to the department’s document, the project’s investor, India’s Dewan International Vietnam Company, failed to make an initial capital investment of 20 percent of the total registered capital even when the deadline 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 facilities as well as high-rise buildings along the main beach in Nha Trang from Tran Phu Bridge to Da Tuong Street.-VNA