May 25 – Quang Nam Province authorities in central Vietnam have revoked a proposed US$4.15 billion luxury resort project after American investors were not able to meet requirements.
American joint venture, the Dragon Beach Group, failed to submit the necessary paperwork and mandatory deposit needed to finalize the 400 hectare project licensed to the company in September 2009.
According to the official tally, foreign direct investment in the country for the first four months increased by 36 percent to US$3.6 billion, although the figures are 25.7 percent lower compared to the same period last year.
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Vietnam Briefing is one of four regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Hanoi, Ho Chi Minh City, and Da Nang in Vietnam. Dezan Shira & Associates is part of the Ascentium Group, a global business services platform with over 2,900 professionals across 58 cities in 27 markets, strengthening the firm's on-the-ground ability to support clients across Asia and globally.
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