Central Province Cancels $4.15 Billion U.S. Investment Project

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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.