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Binh Dinh's new move on the trillion-dollar project 'suspended' for nearly 10 years

TPO - On June 14, the People's Committee of Binh Dinh province directed the selection of investors for the Phu Hoa Lake Urban - Tourism - Cultural - Sports Area project, Quy Nhon City.

Báo Tiền PhongBáo Tiền Phong14/06/2025

Accordingly, the leaders of Binh Dinh Provincial People's Committee assigned departments, branches and localities to urgently coordinate implementation, to ensure the completion of the announcement of bidding documents for the above project no later than June 30.

Previously, at the press conference on the socio -economic situation in the first quarter, Mr. Lam Hai Giang - Vice Chairman of Binh Dinh Provincial People's Committee said that the province has completed the procedures to withdraw the project, and is preparing to conduct bidding and select investors.

Binh Dinh's new move on the trillion-dollar project 'suspended' for nearly 10 years photo 1

A corner of the Phu Hoa Lake Urban - Tourism - Culture - Sports Area project.

The Phu Hoa Lake Urban - Tourism - Cultural - Sports Area Project has a total area of over 300 hectares, capital of 5,000 billion VND, was approved by the People's Committee of Binh Dinh province for detailed construction planning 1/500 since July 2015, but after many years of implementation, the project has not yet taken shape. Currently, the project has almost fallen into a state of "shelving", abandoned for a decade.

According to research, in 2013, Phuc Loc Group Joint Stock Company (Phuc Loc Company, Ninh Binh) proposed to invest in 2 projects, including: Construction of Dien Bien Phu Road (extension) and Renovation and upgrading of Phu Hoa Lake drainage system under the form of build-transfer (BT) contract. In return, the province will use the Phu Hoa Lake Urban - Tourism - Culture - Sports Area project as counterpart capital.

On July 1, 2014, Binh Dinh province agreed to allow Phuc Loc Company to be the investor to register to implement 2 projects under the form of BT contracts with the payment project being the exploited land fund of the Phu Hoa Lake Urban - Tourism - Culture - Sports Area project; at the same time, the policy allowed the investor to implement 2 BT projects and the payment project at the same time. However, after the commencement, the projects did not ensure progress, revealing many shortcomings in management and implementation.

In 2023, the Civil and Industrial Project Management Board (now the Traffic and Civil Works Project Management Board) of Binh Dinh province submitted a proposal to the Provincial People's Committee to terminate the contracts of 2 BT projects, on the grounds that the investor had violated many terms in the contract and the validity period of the 2 BT contracts had ended.

Source: https://tienphong.vn/dong-thai-moi-cua-binh-dinh-ve-du-an-nghin-ty-tréo-gan-10-nam-post1751149.tpo


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