HCMC – The government of Kien Giang Province has scraped its in-principle approval for the high-end ecological tourism project Asia Pearl having an estimated investment of two billion euro on Phu Quoc Island.
The decision was made at a recent meeting with the island district of Phu Quoc on dealing with problems regarding site clearance and implementation of projects.
According to the province, the project proposed by Trustee Suisse Group and Vinaconex Corporation was expected to consist of a financial center and an urban-tourism complex on around 2,000 hectares.
Kien Giang agreed in principle to allow the investors to study and conduct investment procedures in 2007. However, necessary investment procedures have yet to be carried out.
Although the province has many times urged the investors to accelerate the project’s implementation pace, there have appeared no signs of improvement. As a result, the province decided to shelf this project.
In addition to the Asia Pearl project, the province has assigned the management unit of Phu Quoc Island investment and development to evaluate Toan Hai Van Joint Stock’s capability of carrying out the Vinh Dam complex project. If the investor is incapable, the project will be awarded to another investor.
Having a total investment of VND1.2 trillion, the Vinh Dam project covering 305 hectares in the island’s Duong To Commune will consist of goods ports in combination with logistics services, tourism and entertainment services, restaurants, resort villas and public services. The province will first scrape the fish sauce production area and the fuel depot of this project. By Hung Le – Read more at The Saigon Times Daily
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