Ba Ria – Vung Tau considers handling a 15-year ‘hanging’ luxury resort project

Provincial People’s Committee BA Ria Vung Tau just had a meeting to hear the Department of Planning and Investment report on issues related to the project of Binh Chau – Phuoc Buu eco-tourism and luxury resort, Binh Chau commune, Xuyen Moc district.

Binh Chau – Phuoc Buu eco-tourism and luxury resort project (Binh Chau – Phuoc Buu tourist area) is invested by Binh An Tourism Company Limited. This project was approved by the People’s Committee of Ba Ria – Vung Tau in 2007 and granted investment certificates 2008 with an area of ​​22.31ha, total investment capital is 150 billion dong.

Binh Chau – Phuoc Buu tourist area project has been delayed twice by the People’s Committee of Ba Ria – Vung Tau province according to the Investment Law. After that, the project investor extended the land use for another 24 months, approved the adjustment of detailed planning at the scale of 1/500, but so far, it has not been built and put into business.

According to the adjusted 1/500 plan approved by the end of 2020, the Binh Chau – Phuoc Buu tourist area project has a total area of ​​​​more than 21 hectares, including sea and forest.

This project was behind schedule because the planning was affected by the project to establish a safe coastal corridor and the project to widen the road 994. Since then, legal proceedings of the project is protracted.

According to the Department of Planning and Investment of Ba Ria – Vung Tau province, recently, the investor of the Binh Chau – Phuoc Buu tourist area project would like to adjust the type of business, project objectives and extend the project implementation time. judgment.

Specifically, the investor wants to change the name of the business type from Joint Stock Company to Limited Company. Along with that, changing the legal representative from Ms. Duong Thi Ngoc Trieu (General Director) to Mr. Luong Thai Bao (Director); renamed the project Binh Chau – Phuoc Buu tourist area to NovaWord Ho Tram – Morito;

Change the project objective from “investment in construction and business of general tourist area and high-class resort” to “investment in construction and business of eco-tourism and resort combined with entertainment activities” in the forest”.

The project owner also proposed to increase the investment capital from 150 billion VND to 1,650 billion VND. In addition, the project implementation time was adjusted to 24 months and committed to put the whole project into operation in the second quarter of 2023.

At the meeting, the leader of the Department of Planning and Investment proposed to approve the investor to adjust the project according to the above contents.

After listening to the report, Mr. Le Ngoc Khanh – Vice Chairman of the People’s Committee of Ba Ria – Vung Tau province assigned the Department of Planning and Investment to chair and coordinate with the Department of Natural Resources and Environment, the Department of Construction and related departments and agencies. continue to review the provisions of the law on allocationplanning and handling Slow progress project. On that basis, the Provincial People’s Committee will consider and resolve.

In a related development, in October 2021, Petroleum Securities Joint Stock Company (PSI) arranged for Unity Real Estate Investment Co., Ltd (Unity Company – Business related to Novaland) issued 416 billion VND bonds has a term of 36 months with interest rate minimum 12.5%/year for some credit institutions.

Unity Company will use the raised capital to increase operating capital and buy capital at Binh An Tourism Co., Ltd. Thereby, Unity Company will “acquire” the Binh Chau – Phuoc Buu tourist area project.

Mr. Phuong