Officials from the Hue Economic and Industrial Zones Management Board said the Huyen Thoai Dia Trung Hai resort project in Lang Co Bay had been put up for auction several times by a bank seeking to recover outstanding debt.
The first four auctions failed to attract bidders. A prospective investor has now submitted an application for the fifth sale, officials said.
If the auction is completed successfully, the management board will assist the winning bidder in amending the project's investment approvals so construction can resume.
The Mediterranean resort at the beach in Chan May - Lang Co Commune, Hue City (Photo: Cao Tien).
The nearly seven hectare resort was launched in January 2016 with total planned investment of VND 750 billion (approximately USD 28.7 million). The development was designed to include villas, a hotel, conference facilities, retail outlets, swimming pools, a spa, tennis courts and entertainment amenities.
Construction was suspended in early 2020 after the developer encountered financial difficulties. By then, more than 80 per cent of the project had reportedly been completed, including the structural work and several villas.
The resort stands on one of the most beautiful beaches in Hue City (Photo: Cao Tien).
A government inspection in 2022 identified multiple violations, including failures to meet deposit obligations, irregularities in land classification and delays in land use that exceeded the legally permitted timeframe.
In late 2024, the developer agreed to transfer the project to Viet A Commercial Joint Stock Bank for debt recovery through a public auction.
In 2025, the entire development was offered for sale with a starting price of VND 500 billion (approximately USD 19.1 million). The assets include three resort and service zones, 52 villas, a tennis court, a souvenir shop, a reception area and the project's associated operating and commercial rights.
