Overview of the 140 billion VND resort in Cua Viet beach, Quang Tri, behind schedule

Overview of the 140 billion VND resort in Cua Viet beach, Quang Tri, behind schedule

Wednesday, July 31, 2024 1:37 PM (GMT+7)

The Cua Viet beach resort and service project has an area of ​​11,807 m2, with a total investment of 140 billion VND. It has been transferred to 3 investors but is still abandoned. The strange thing is that all 3 investors of the project are legally represented by a woman.

On August 15, 2008, the People's Committee of Quang Tri province leased land with an area of ​​11,807 m2 (in Cua Viet town, Gio Linh district, lease term of 50 years) to the investor, Hoang Duc Construction and Trading Design Company Limited, to build the Hoang Duc resort service area.

On May 9, 2009, the project was launched with great fanfare, with the attendance of the Secretary of the Quang Tri Provincial Party Committee. At the groundbreaking ceremony, the investor from Vung Tau city promised that the project will have an area of ​​1.2 hectares, including 16 main items (including a level 1 project meeting 4-star standards) such as a 4-storey hotel with 60 bedrooms, 20 luxury apartments, a restaurant, a bar, a swimming pool, a tennis court... The project is expected to be completed after 3 years of construction, contributing to creating jobs for about 200 local workers, meeting the conditions for organizing conferences, seminars and welcoming international tourists .

After the groundbreaking ceremony, the investor began construction. However, in 2011, when the rough construction of the project items was basically completed, Hoang Duc Construction and Trading Design Co., Ltd. stopped construction due to lack of capital. In 2014, instead of leasing land to Hoang Duc Construction and Trading Design Co., Ltd., the People's Committee of Quang Tri province allocated land with land use fees at the price of 180,000 VND/m2.

Due to lack of capital and failure to complete the project, on June 3, 2016, the People's Committee of Quang Tri province agreed to let Hoang Duc Construction Design and Trading Company Limited transfer the land use rights attached to the assets on the land of the Hoang Duc resort service project to Hiep Phu Joint Stock Company, chaired by Ms. Nguyen Thi Bich Ngoc. The project was also renamed HP Pacifica Hotel Tourist Area. Notably, the Chairman of the Board of Directors of Hiep Phu Joint Stock Company (buyer) used to be the General Director of Hoang Duc Construction Design and Trading Company Limited (seller).

After the transfer, it seemed that the HP Pacifica Hotel Tourist Area project would have a different look. However, after completing the rough construction of some main construction items, the project has stopped construction since the second quarter of 2018.

On April 23, 2020, the HP Pacifica Hotel Tourist Area project of Hiep Phu Joint Stock Company was terminated by the Quang Tri Provincial Economic Zone Management Board.

On March 29, 2022, Hiep Phu Joint Stock Company transferred the land use rights attached to the assets on the land of the HP Pacifica Hotel Tourist Area project to Thien Phat Quang Tri Company Limited for a total amount of 53.5 billion VND. This investor committed to completing 100% of the items by July 2024 and putting the project into operation. However, according to Dan Viet reporter's observation, the project is still in the rough construction stage and abandoned.

Another notable thing is that Thien Phat Quang Tri Company Limited (buyer) is still chaired by Ms. Nguyen Thi Bich Ngoc as the Chairman of the Board of Members. Talking to Dan Viet reporter at noon on July 29, Ms. Ngoc said that the project is behind schedule because the company is having financial difficulties, no bank agreed to lend because they were afraid that the project would not be feasible and it would be difficult to recover capital. In the photo, HP Pacifica Hotel tourist area is located in a beautiful location, with an exit to Cua Viet beach. The project's delay makes this place a "bad spot" for this coastal area.

Explaining why she is the owner of all three companies, Ms. Ngoc said that she previously contributed more than 40% of the shares, her husband and son contributed 20% of the shares, so she became the General Director of Hoang Duc Construction and Trading Design Company Limited. After Hoang Duc Company fell into difficulty and could not sell the Hoang Duc resort service project, Ms. Ngoc and the shareholders were forced to use Hiep Phu Joint Stock Company to buy it back. When Hiep Phu was in difficulty, Ms. Ngoc used Thien Phat Quang Tri Company Limited to buy it.

Responding to Dan Viet reporter, Ms. Ngoc added that her hometown is My Tho city, Tien Giang province. Because of her passion for the beauty of Cua Viet beach, Ms. Ngoc traveled a long way to Quang Tri to participate in investing in building a resort. Until now, Ms. Ngoc still wants to invest and complete the HP Pacifica Hotel tourist area. Ms. Ngoc expects to put into operation about 60% of the project design by the end of 2024. "The shareholders and I have poured a lot of money and effort into this project, so no matter how difficult it is, we must complete the project. Otherwise, we will suffer heavy losses," Ms. Ngoc said.

Ngoc Vu

Source: https://danviet.vn/khu-nghi-duong-140-ty-dong-o-quang-tri-cham-tien-do-nhieu-nam-nha-dau-tu-noi-gi-20240729154058628.htm