The Devastation of FLC Quang Binh’s 20 trillion VND Project

The FLC Quang Binh project occupies nearly 2,000 hectares of coastal forest land in Quang Binh province, stretching 5 km along the coastline of Hai Ninh commune (Quang Ninh district) and Hong Thuy commune (Le Thuy district). The project is expected to transform this place into an international amusement and real estate center in the Central region.

A series of abandoned villas and mansions

The FLC Quang Binh project, invested by FLC Group, with a total investment of up to 20,000 billion VND, was started in 2016. The project is planned into 3 functional zones, including SeaHorse, Sea Pearl, and SeaStar; with a series of items such as 6-star hotels and adjacent villas, shophouses, mini hotels, film studios; a complex of interconnected golf courses, an international conference center, a series of coastal amusement parks… along with modern facilities, of international standards.

Since March 2016, FLC Quang Binh has been actively implementing the infrastructure of hotel projects, resorts, and the largest interconnected golf course chain in Southeast Asia in phase 1 on a 2,000-hectare plot…

In phase 2, FLC Quang Binh has completed the basic infrastructure and started construction of residential projects, villas, and an international conference center. Of note is the 6-star villa and resort complex; each unit was sold for $1 million, for luxury, high-end beachfront apartments.

A series of abandoned villas and mansions of the FLC Quang Binh project

Former chairman of FLC Group, Trinh Van Quyet, once affirmed that when completed, the entire project will become a resort and coastal urban complex, self-contained, and the most modern in Central Vietnam. It will be a highlight of the world-class natural landscape that few projects can achieve.

However, after nearly 8 years of implementation, up to now, the FLC Quang Binh project has only put into operation two 36-hole interconnected golf courses, and completed some model beachfront villas. The rest is a scene of abandonment, ruins of many unfinished construction works, along with vast empty land, creating a sense of regret and sorrow for anyone who witnesses it.

Inside the zones, it looks like a deserted “megastructure,” with numerous works such as rows of townhouses, villas, hotels, shopping centers… still in their raw state, with exposed concrete blocks. Some other works have only laid the foundation and left as is, as the iron and steel have rusted and deteriorated over time. Surrounding the project is a desolate scenery, overgrown with moss-covered grass.

Le Van Minh, a resident near the FLC Quang Binh project, expressed his regret when seeing the scene of a series of villas and construction works piled up, with overgrown weeds. According to Minh, since the end of 2022, the construction activities inside the FLC project have completely stopped. Since then, he has not seen any workers, machinery, or vehicles operating, making the landscape quiet.

Unstable fate of the mega-project

According to research, after Chairman Trinh Van Quyet of FLC Group was arrested and detained by the Ministry of Public Security for wrongdoing, all construction activities in the FLC Quang Binh project had to be temporarily suspended, falling into a state of “stagnation.” Only the golf course is operational and able to receive guests. Regarding construction, nobody knows when it will resume.

In an exchange with reporters, Pham Minh Huan, Chairman of the People’s Committee of Hong Thuy commune, said that according to the scope of the FLC Quang Binh project, nearly 400 hectares of land in this area will be reclaimed, while the remaining 1,600 hectares of land belong to Hai Ninh commune. Among them, some smaller projects have been partially reclaimed and land cleared; some are still in their original state because they haven’t been implemented and had to completely stop.

Bui Van Kham, Head of the Infrastructure Economy Department of the Quang Ninh district People’s Committee, affirmed that the FLC Quang Binh project has completely suspended all construction activities within its scope in Hai Ninh commune for nearly 2 years now. The construction halt has caused a series of unfinished and deteriorating works.

A series of abandoned villas and mansions of the FLC Quang Binh project

According to the Quang Binh Provincial Tax Department, in the list of 42 tax debt units disclosed to the public, FLC Group tops the list with a debt of over 277 billion VND. In addition, FLC Faros Construction Joint Stock Company – a company within the FLC ecosystem – also owes more than 11.5 billion VND in taxes.

Ngo Van Thuan, Deputy Head of the Quang Binh Provincial Tax Department, said that for the units in the tax debt list, including FLC, the provincial tax department has implemented coercive measures on invoices within a 1-year period. After 1 year, if the tax payment is still incomplete, the coercive measures will be extended. In addition, every month, the provincial tax department also issues debt notices and late tax payment notifications to FLC Group.

Article and photos: HOANG PHUC