Authorities in Phu Quoc have officially terminated the investment licence for the long-delayed Sheraton Phu Quoc Resort project after the developer failed to complete the planned five-star resort more than a decade after construction began.
Nguyen Thanh Tung, head of the Phu Quoc Economic Zone Authority, said on July 30 that the agency had issued a decision terminating the project, which was developed by Vien Dong Phu Quoc Joint Stock Company.
The project was first granted an investment registration certificate in August 2013, with the most recent amendment approved in June 2023.
According to the authority, the decision was made because the developer failed to complete and put the resort into operation within the committed timeframe. Officials said the project was not eligible for an extension under Vietnamese law.
The Phu Quoc Economic Zone Authority has instructed the developer to promptly complete procedures to liquidate the investment project and fulfil all outstanding legal obligations.
The Sheraton Phu Quoc Resort was planned for Tran Hung Dao Road in Duong To Commune, a prime location facing the centre of Phu Quoc.
The development was designed to provide more than 30,000 square metres of floor space and over 300 guest rooms, together with conference and meeting facilities, a shopping centre, children's play areas, swimming pools and restaurants.
Although the project was envisioned as a large integrated five-star resort complex, it has remained an unfinished six-storey concrete structure for many years.
