The project was revoked in mid-2022.
In April 2022, the Chairman of the People’s Committee of Binh Phuoc Province issued a document canceling the planning of a new urban area project, combined with the Suoi Cam resort for FLC.
According to the planning project, the Suoi Cam project covers an area of about 1,775 hectares and is located in the northwest of Dong Xoai city. The project includes commercial and service centers, sports centers, villas, adjacent houses, cultural villages of ethnic groups, public centers, and resort hospitals.
In addition, the urban area also has an international conference center, hotels, 5-star resorts combined with an 18-hole golf course, providing high-class accommodation and entertainment services.
Suoi Cam project by FLC. Source: Binh Phuoc Newspaper
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One month later, the Chairman of the People’s Committee of Kon Tum Province signed a document revoking the survey and investment research direction for two potential projects using over 822 hectares of land belonging to FLC in Kon Plong district, including the high-tech agricultural project FAM – Kon Tum of 155 hectares and the golf, resort, entertainment, and urban project FLC Mang Den of 677 hectares.
The reason for revoking the agricultural project is that FLC has not submitted a report or proposal even though the survey period has expired. Meanwhile, the FLC Mang Den project was revoked due to conflicts with the overall planning of Mang Den town.
Another province in the Central Highlands, Gia Lai, also revoked four projects that were assigned to FLC to conduct research, survey, and detailed planning at the provincial level.
The four projects include the FLC Pleiku high-rise tower, hotel, commercial and service center, and high-class apartment complex in Tay Son and Hoi Thuong wards, Pleiku city; 5-hectare and 3-hectare land plots on Nguyen Chi Thanh Street, Pleiku city; the Cao Nguyen cultural tourism area on the hillside of Ia Der commune, Ia Grai district, and Dien Hong ward, Pleiku city; and the Sea Lake – Chu Dang Ya tourism area in Pleiku city and Chu Pah district.
The province bordering Gia Lai, Binh Dinh, also issued documents terminating the activities of the high-class eco-tourism resort Eo Gio by FLC in June 2022. The reason given was that the project did not comply with the registered schedule with the authorities.
The Eo Gio high-class eco-tourism resort is part of the FLC Quy Nhon Beach and Golf Resort complex in Nhon Ly commune, Quy Nhon city. The project has a total investment capital of 1.6 trillion VND and was allowed by the People’s Committee of Binh Dinh province to be implemented on an area of over 17.3 hectares of land and nearly 4.3 hectares of sea area in Nhon Ly commune. It includes a 6-star resort according to international standards.
In early August 2022, the Chairman of the People’s Committee of Soc Trang Province instructed departments and specialized agencies to complete procedures to submit to the provincial People’s Committee for a decision to revoke the investment direction for the Hoi Nuoc Ngot new urban area project, which is invested by FLC.
FLC was selected by the Soc Trang provincial People’s Committee as the investor for the project since early 2020, but up until the revocation, the company had not signed a land lease contract or completed investment procedures.
The Hoi Nuoc Ngot new urban area project has a total investment capital of nearly 2.5 trillion VND, covering an area of over 47 hectares, of which 14.64 hectares are for residential construction. The goal of the project is to build an urban area connected with a recreational park, including residential areas, comprehensive commercial services, cultural centers, sports centers, and other urban amenities to meet the needs of residents in the area.
One of the notable projects canceled by FLC in late 2022 is the Yen Thuy tourist complex, resort, and golf course in Huu Loi commune and Hang Tram town, Yen Thuy district, Hoa Binh province. The provincial People’s Committee approved the decision to terminate the project’s activities according to current regulations.
FLC has been supported by the local authorities in the process of compensating and clearing the area of 129 hectares and is completing the dossier to request 18.2 hectares of land managed by the state for the project. However, the company has not yet carried out procedures for land use rights transfer, land change registration, and other legal procedures as required, leading to the inability to implement the project according to the schedule.
With a land area of 150.33 hectares, the Yen Thuy tourist complex, resort, and golf course project has a total investment capital of nearly 2.9 trillion VND. The project aims to invest in the construction of a high-class tourist, sports, and recreational complex according to international standards.
In 2023, three more projects were revoked.
After a relatively quiet first half of the year, FLC was consecutively revoked projects by localities in late 2023. Specifically, in mid-November 2023, Phu Yen province’s Management Board of High-tech Applied Agricultural Area made a decision to terminate the investment activities of the FAM – Phu Yen high-tech applied agricultural project.
The project was invested by FLC Biscom Agricultural Co., Ltd., the company responsible for developing FLC’s high-tech agricultural sector.
The reason for terminating the project was that FLC Biscom did not have the ability to meet the conditions of suspending operations under Article 48, Clause 2, Point a of the Investment Law. The Management Board of the High-tech Applied Agricultural Area of Phu Yen province requested the project investor to complete the procedures for project liquidation and fulfill obligations according to legal regulations.
The FAM – Phu Yen project was granted an investment certificate in March 2019 and commenced construction about six months later.
The project has a total investment fund of 378 billion VND, covering an area of nearly 94 hectares, and a construction scale of 118.65 hectares. The project aims to build production and cultivation areas for safe and clean vegetables, tubers, fruits, applying high-tech models in production, preservation, and processing; providing the supply for future FLC projects and tourist complexes according to international standards.
Also in November, the Chairman of the People’s Committee of Thanh Hoa province directed departments and sectors to study and propose solutions for handling the FLC Hoang Long Industrial Park.
The project covers an area of over 286 hectares and has a total investment of over 2.3 trillion VND.
FLC started the Hoang Long Industrial Park (also known as FLC Hoang Long) on September 22, 2015. According to FLC’s commitment, by the end of 2017, the industrial park would be fully occupied with projects in phase 1, covering an area of 286 hectares, and the conditions for implementing the investment in phase 2 would be prepared. However, to this day, the project has remained idle for many years.
Most recently, the FLC International General Hospital project in Thai Binh province, invested by FLC, was also revoked by the provincial People’s Committee. The province issued a decision to revoke over 12 hectares of land for the project.
After the revocation, the provincial People’s Committee of Thai Binh assigned the Resource and Land Development Center and the Department of Natural Resources and Environment to manage this land area.
In 2019, the Thai Binh provincial People’s Committee granted FLC over 12 hectares of land in Tran Lam ward and Vu Chinh commune (Thai Binh city) to build the FLC International General Hospital. The land lease period was from February 13, 2019, to February 11, 2069, in the form of a state land lease agreement with annual rent payment.
According to the introduction, the hospital has a scale of 1,000 beds and a total investment capital of over 3.7 trillion VND. With this scale, it is the largest general hospital project in Thai Binh province as well as neighboring provinces. It is also a hospital built according to international standards, comparable to a 5-star hotel.
In reality, the termination of this investment project had been executed earlier. On July 28, 2021, for some reasons, FLC submitted a letter requesting the Thai Binh provincial People’s Committee and the Department of Planning and Investment to guide the procedure for terminating the investment activities of the project. On August 9, 2021, FLC officially sent a notice of termination of investment activities to return the land to the Thai Binh provincial People’s Committee, and requested the province to refund the previous deposit of 10 billion VND that the investor had paid.
In accordance with the regulations of the Investment Law, on August 13, 2021, the Department of Planning and Investment of Thai Binh province issued an announcement regarding the termination of investment activities of the project, effective from August 9, 2021, sent to relevant agencies and units.
