Ba Ria – Vung Tau People’s Committee has just signed a decision to issue criteria for selection of new investors into Vung Tau Paradise area (220 ha wide, Nguyen An Ninh ward, Vung Tau city).
The land is now the business location of Vung Tau Paradise – a location that can be considered as the “golden land” of Vung Tau City with beautiful terrain, sand dunes and beach stretch …
25 years but the investment is not as committed
Vung Tau Paradise Joint Venture Company is a joint venture between Vung Tau International Tourist Company and Paradise Development and Invesment Company (Taiwan), licensed by Ministry of Planning and Investment in 1991, total investment capital $ 97.2 million, the project duration is 25 years. Charter capital of $ 61.8 million, of which the Vietnamese side contributes more than $ 15 million with the right to use 220 hectares of land
The objective of the project is to build and trade in culture, sports and tourism including: 1,500 rooms of three-star international standard and associated services; watersports for swimming, windsurfing, sailing, parachuting, diving, fishing …
An amusement park of ethnic minority villages in Vietnam, traditional music and folk music theater, children’s playground, European style garden, 27-hole golf course of international standard.
However, after 25 years of operation, KDL Vung Tau Paradise has not reached the target set by the project. Up to now, the items have been completed and put into operation only 27 holes golf course (130ha area), some items of entertainment park but in 2006 damaged by the storm has not yet recovered ; 54 houses with 60 rooms put into operation in 1997, water park, 38 rooms.
The non-committed items include a 1,500-room hotel (newly completed 500-room facility in 1995); water sports, amusement parks and service works. The total area of land used ineffectively and not used according to the conclusions of the Inspectorate of the Ministry of Natural Resources and Environment (2011) is about 80ha. Up to now, the company has invested 57% of chartered capital.
According to the investment license, until April 23, 2016 the expiry date of the project. In March 2016, Vung Tau Paradise Company requested to extend the duration of the joint venture for another 50 years. However, this proposal was not approved. Option to select a new investor with other capacity to invest in the land on gold.
The desire of the leaders of Ba Ria – Vung Tau province is to find a competent investor to build a project worthy of tourism, highlight for Vung Tau City in particular and Ba Ria – Vung Tau province. In general, avoid wasting land area is the largest in the city today. Vung Tau to “nursing” large tourism projects. Ba Ria – Vung Tau also emphasized that if the joint venture company Vung Tau Paradise – the old investor to select and meet the requirements criteria is calculated priority points …
Many investors “terrible” applicants
According to sources, after the Ba Ria – Vung Tau province has such a policy, many investors have contacted Ba Ria – Vung Tau province to invest in the land on Paradise. There are also big companies such as Hanoi General Export Import Joint Stock Company (Geleximco), Vingroup, Sebrina Holdings Pte Ltd (Singapore), VinaCapital Investment Management Ltd; Housing Development and Trading Joint Stock Company (HDTC) …
According to the criteria of Ba Ria – Vung Tau province, the proposed project must be a high – grade tourism, recreation and entertainment complex, including a number of components:
High-class service and entertainment areas (including aquariums, art performances, aquatic entertainment areas); 27 holes golf course meet international standards; commercial center, convention center, exhibitions, five star hotel and luxury tourist apartments; office apartments, commercial houses; high-end health care; public space. In particular, the definition of high-level entertainment is the highlight, must spend a lot of land to build, create unique tourism products to attract long-stay guests.
The idea of planning and design of the project in Paradise must connect the technical infrastructure inside and outside the fence of the project, which is linked to the Bau Trung area (opposite the road February 3, Nguyen An Ninh Ward) on traffic, public spaces … Investors shall base on the objectives of the project, conduct research and make proposals on planning and land use criteria, methods of implementing appropriate preliminary projects.
For investment capital, the province requires total investment capital of the project (excluding compensation, ground clearance and land rent) must be from one billion dollars or more. Investors must provide documentation proving ownership capital to implement the project not less than 15% of the total registered investment capital (of the project) and provide the evidence of ability to mobilize capital to real projects from credit institutions, branches of foreign banks and other organizations and individuals as prescribed. Investors must pay land rent once.
Project implementation schedule proposed by the investor in accordance with the approved investment plan and plan; Ensure the synchronous implementation of the components of the project to create tourism products for the province.
Apart from the above criteria, the investor must also satisfy the following conditions: Land allocation, land lease, permission to change the land use purpose according to regulations; making deposits on investment; To comply with the provisions of the law on environment; Create jobs, pay the budget, have plans to link with the world-class brands to attract high-class tourists …. At the same time must commit to prioritize training and solve employment for local labor.
The province also emphasized that the selected investors will cooperate with Vung Tau Paradise Joint Venture Company to negotiate the remaining legal value of the 27 holes golf course (and other auxiliary items for direct service for golf course).
Investors meeting the criteria will present the plan for Ba Ria – Vung Tau province to consider and select. After that, the province will report to the Prime Minister for consideration and decision in accordance with the provisions of the Investment Law and the Land Law for investors to lease land for the implementation of the project.
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