Quang Nam Province will revoke the license for a US$4.15 billion eco-tourism project and look for a new investor, a report said Friday.
The Dragon Beach, approved in 2009, was considered the largest foreign invested project in the Central and Central Highlands regions.
Le Tri Nam, a senior official in charge of foreign investment promotion in the province, said the authorities had provided favorable conditions for the two US investors, Tano Capital LLC and Global C&D Inc., to implement the project.
But as of May 15 this year, they'd failed to make the required deposit and start work on it, Nam was quoted by local news website VnExpress as saying.
"Due to the economic recession the investors could not prepare enough money on schedule," Nam said. "Since they do not have sufficient capital to go on with a large project like this, we have decided to revoke their license and give the opportunity to more capable investors."
The project will be transferred to a new investors via a bidding process, Nam said, noting that the provincial authorities want it to be started as soon as possible because around 100 households have been affected by site clearance.
According to the original plan, the Dragon Beach project will cover a seaside area of 400 hectares with hotels, villas and apartment and office buildings.