Central province revokes $4.15 billion FDI project

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The central Vietnamese province of Quang Nam has canceled a US$4.15 billion resort project as the investor failed to complete the required investment formalities.

Dragon Beach Group, a joint venture between two US companies, had neither submitted the paperwork nor had it made the mandated deposit demonstrating its financial wherewhithal, the Tuoi Tre newspaper reported Friday, citing a local government official.

The 400-hectare project, licensed in September 2009, was supposed to turn a beach in Dien Ban District into a luxury resort.

Foreign direct investment inflow into Vietnam in the first four months rose 36 percent to $3.6 billion, but new pledges fell 25.7 percent from a year earlier, according official figures.

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