Authorities in the southern Vietnamese province of Ba Ria-Vung Tau will search for a new investor for a proposed resort project, as the contract with the previous business will end late next month.

The provincial Department of Planning and Investment has sent a document to the Vung Tau Paradise Company, giving guidance on the liquidation of the Vung Tau Paradise resort before the contract expires on April 23.

Vung Tau Paradise Company is a joint venture between Vietnam’s Vung Tau Intourco Resort JSC and Taiwanese firm Paradise Development and Investment.

In April 1991, the joint venture was granted a 25-year license on a 220 hectare piece of land, 25 percent of which was paid by the Vietnamese company, to develop the Vung Tau Paradise project with total capital estimated at US$97.2 million.

After 25 years of operation, the project barely received any profit for various reasons and the only development carried out was a 27-hole golf course, with other components not constructed.

Both Vietnamese and Taiwanese leaders of the joint venture have requested a contract extension, but this is likely to be refused with authorities agreeing that the project should be transferred to more competent investors.

The land should be developed into a resort complex including entertainment and recreational facilities, according to Mai Trung Hung, deputy director of the Ba Ria-Vung Tau Department of Planning and Investment.

The venue should also include several tourist attractions and unique landmarks, including an aquarium, oceanography museum, and conference and exhibition centers, Deputy Director Hung continued.

The 220 hectare area is the only land that remains in the province, on which a major project is expected to be established to promote local tourism, said a leader of Vung Tau, the famous resort city in the province.

For these reasons, a new investor with proper financial capacity, as well as commitments and determination, should be entrusted with the project to avoid the wastefulness of the past 25 years, he concluded.

In a brief interview with Tuoi Tre (Youth) newspaper, Nguyen Van Trinh, chairman of the provincial People’s Committee, said that officials had not finalized a specific decision regarding the selection of the next investor.

However, any company that is allowed the execution of the project must meet all requirements and follow all directions of local authorities, Chairman Trinh affirmed.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!