Licensed in September 2009, Dragon Beach was to have been the major foreign-invested project of the central region.
The investors, Tano Capital LLC and Global C&D INC, had pledged to develop the resort on about 400ha in the Dien Ban District.
It was to have included nine hotels, international trade and conference centres, villas, entertainment facilities and a golf course.
But the joint venture had failed to demonstrate its financial capacity by handing over the required deposit within one year of the investment licence being granted, said Tran Van Tri, director of the provincial Department of Planning and Investment.
The company has also yet to pay for site clearance and resettlement, Tri said, adding that the department had asked the investor three times to implement the project but that there had been no response.
"Revoking the investment licence is in compliance with the law," Tri said.
The Ministry of Planning and Investment asked provincial administrations in early September to review the progress of several major foreign-invested projects.
These included the $9.8 billion Ca Na steel complex in Ninh Thuan Province; the South Korean AJ Vietstar Company's $1 billion project in Ba Ria – Vung Tau Province and the $7.9 billion Formosa steel complex in Ha Tinh Province.Source: vnagency.com.vn
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