A resort project worth a staggering US$8 billion in Quang Nam Province will still get moving ahead after comments from relevant ministries, despite earlier concerns about the viability of this mammoth project.
Provincial authorities have heard positive opinions about the Dragon Beach resort project from six ministries, and have asked the investors to make amendments as required, said Dinh Van Thu, vice chairman of the province.
“The ministries have given good comments on the project,” Thu told the Daily on Tuesday, explaining that the ministries have asked the investors to clarify some key factors such as investment capacity and environmental impacts.
Two American investors from California – Tano Captial, LLC and Global C&D, Inc. – have joined forces to set up the Dragon Beach Company to develop the resort complex of the same name.
The province, upon these comments, has requested the U.S investors make changes to the project’s development plan, he said.
Thu said that the provincial Department of Planning and Investment had met with the investors to talk about the new requests, and the investors were in the process to do so to complete procedures for the project.
Each of the two founding companies has a chartered capital of US$50 million and has submitted papers to verify their financial capacity. However, the ministries have also requested investors to prove the investment capacity to make sure that they can build the big-scale project.
The tourism-entertainment complex, to be located on 400 hectares in Dien Duong Commune in Dien Ban District, will feature many luxury facilities including hotels, resorts, international conference centers, entertainment facilities as well as slot machines for foreigners.
“We (the provincial government) will give an investment certificate if the ministries’ demands are met,” he said. In September, Quang Nam Province passed the project dossiers to relevant ministries for consultation before giving an investment certificate to the company.
In the original plan, the investors wanted to develop casino services there. However, the Prime Minister rejected this request by the investors because casino is a highly-conditional service that requires strict criteria.
(Source: SGT)
Provincial authorities have heard positive opinions about the Dragon Beach resort project from six ministries, and have asked the investors to make amendments as required, said Dinh Van Thu, vice chairman of the province.
“The ministries have given good comments on the project,” Thu told the Daily on Tuesday, explaining that the ministries have asked the investors to clarify some key factors such as investment capacity and environmental impacts.
Two American investors from California – Tano Captial, LLC and Global C&D, Inc. – have joined forces to set up the Dragon Beach Company to develop the resort complex of the same name.
The province, upon these comments, has requested the U.S investors make changes to the project’s development plan, he said.
Thu said that the provincial Department of Planning and Investment had met with the investors to talk about the new requests, and the investors were in the process to do so to complete procedures for the project.
Each of the two founding companies has a chartered capital of US$50 million and has submitted papers to verify their financial capacity. However, the ministries have also requested investors to prove the investment capacity to make sure that they can build the big-scale project.
The tourism-entertainment complex, to be located on 400 hectares in Dien Duong Commune in Dien Ban District, will feature many luxury facilities including hotels, resorts, international conference centers, entertainment facilities as well as slot machines for foreigners.
“We (the provincial government) will give an investment certificate if the ministries’ demands are met,” he said. In September, Quang Nam Province passed the project dossiers to relevant ministries for consultation before giving an investment certificate to the company.
In the original plan, the investors wanted to develop casino services there. However, the Prime Minister rejected this request by the investors because casino is a highly-conditional service that requires strict criteria.
(Source: SGT)
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