Danang authorities are tightening control over coastal development, with the cancellation of projects that have been proceeding too slowly or are stalled.
Danang to tighten control over coastal projects
The local Department of Planning and Investment is working with concerned agencies on the withdrawal of investment licenses for the De Nhat tourism resort, the De Nhat entertainment park and the Huy Khanh sport zone.
Other projects are under inspection, including the Danang Property and Yacht Habour developed by a joint-venture between Quoc Cuong Gia Lai and Vinacapital, the Ghenh Ban-Bai Da Ecotourism site, and the Temple project.
Fines will be levied on projects which have fallen behind schedule. If investors fail to pick up the pace, licenses will be withdrawn. These include Asia Pearl, Nam Khang, IVC, Ha Noi-Non Nuoc, Luxury Villa and Apartment and Bai But on Son Tra Peninsula.
Up to 60 licensed project developments in Danang are stalled.
Last year, Danang cancelled two projects in the downtown area for persistent delays.
