Struggling to Find Investors for Billion-Dollar Mega Project in Vân Đồn

Struggling to Find Investors for Billion-Dollar Mega Project in Vân Đồn

For the past two years, after multiple rounds of deliberation, the authorities, the Vân Đồn District administration, and Quảng Ninh Province officials have yet to find an investor for the 25 trillion VND high-end resort complex project.

On June 24, information from the Vân Đồn District People's Committee indicated that the Monbay Vân Đồn high-end resort, entertainment complex, golf course, and residential area project has not found an investor due to various obstacles.

In February 2022, the Monbay Vân Đồn project was approved by the Prime Minister for investment policy.

A few months later, Quảng Ninh Province approved the investor selection plan, but only HDMon Vân Đồn Investment Joint Stock Company submitted an application.

After organizing the bidding, no investor met the requirements for capacity and experience as stipulated in the bidding documents. The Vân Đồn Economic Zone Management Board sent the files to the Quảng Ninh Department of Planning and Investment for evaluation, and reported to the Provincial People's Committee, which issued Decision No. 3340/QĐ-UBND on November 14, 2022, to cancel the project's bidding.

To select an investor, the investor selection process for the project must be redone. Although the project was approved by the Prime Minister for investor selection through bidding, Vân Đồn District stated that the land area previously allocated to HDMon Vân Đồn Investment Joint Stock Company for the old project has been reclaimed by the Quảng Ninh Provincial People's Committee.

According to the Quảng Ninh Provincial People's Committee, HDMon Vân Đồn Investment Joint Stock Company notified the termination of investment activities in February 2022. On February 28, the Provincial People's Committee issued a decision to revoke and cancel Decision No. 42/QĐ-UBND dated January 6, 2017, on adjusting the investment policy for HDMon Vân Đồn Investment Joint Stock Company; implementing the recommendations of the Quảng Ninh Provincial Inspectorate and the directives of the Provincial People's Committee. The land was reclaimed to select a replacement investor.

Notably, the delay in implementing the billion-dollar project in Vân Đồn District has led to residents in the planned area being unable to obtain permits for repairing or building new homes to ensure the current land conditions.

In an interview with Thanh Niên, a leader from Vân Đồn District said that the locality is coordinating with the Quảng Ninh Economic Zone Management Board to review the land use of the project, supplementing information on the current status of the land managed by the state and the area reclaimed by the Provincial People's Committee. This review aims to ensure the proposal of appropriate investor selection methods in accordance with regulations.

The Monbay Vân Đồn high-end resort, entertainment complex, golf course, and residential area project is implemented in the Ao Tiên area (Hạ Long Commune, Vân Đồn District). The project's total area is nearly 300 hectares, including over 279 hectares of land and more than 20 hectares of sea area.

The project's total estimated investment is nearly 25 trillion VND, with a maximum operation period of 70 years. The project implementation schedule is within 9 years, from Q2/2022 to Q4/2030.

The project aims to construct a comprehensive, synchronized system of technical infrastructure, high-end resort facilities, entertainment complexes, golf courses, and the Monbay Vân Đồn residential area.

Additionally, it aims to diversify investments and business operations in various accommodation facilities and high-quality tourism and entertainment services, investing and operating an urban area with synchronized, civilized, and modern technical and social infrastructure.

The project's housing structure includes 236 villas; 257 townhouses; 2,614 high-rise apartments; 606 social housing units. The scale and investment cost for social housing will be determined according to a separate project and not included in the total investment of this project.

-----------------------------------------

FTT REAL ESTATE COMPANY

Headquarters in Vietnam: EA4-01.01 Eratown Duc Khai, Nguyen Luong Bang, Phu My Ward, District 7

Receive consignments for buying, selling and renting apartments, updating the best prices in the market

HOTILINE: +(84) 81.299.1003

┃Vietnam Hotline: (+84) 812.991.003

┃Taiwan Hotline: (+886) 956.918.888 

┃Line/ Zalo：0812991003

┃Wechat/ Kakaotalk：FTTland88881

┃Email: vnhanoihcmc@gmail.com

┃Youtube: FTT REAL ESTATE

┃Website : www.fttland.com