Scenia Bay, developed by Nha Trang Bay Joint Stock Company, is a mixed-use complex featuring a hotel, commercial services, and residential apartments located at 25-26 Pham Van Dong Street, Bac Nha Trang Ward, Khanh Hoa Province.
The project was approved and commenced in 2017, with a total investment of over 2 trillion VND. According to the approved schedule, construction was expected to be completed by the end of 2019. In reality, the main components were substantially finished within this timeframe. The developer has handed over 704 apartments to customers, with many residents already settled in.
However, the legal aspects of the project have lagged behind construction progress. As of the inspection conclusion in October 2025, the 704 apartments had not yet received their land-use certificates.
Front view of Scenia Bay – Photo: Scenia Bay
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According to the Government Inspectorate’s conclusion announced on December 29, 2025, the land for the project was originally under the management of the Ministry of National Defense. The local authorities reclaimed the land and allocated it to the company without a public auction, which violates regulations on public land management. When determining financial obligations, Khanh Hoa Province approved a land price lower than the applicable rate in 2014, altering the land-use fee payable.
During the land-use fee calculation, the province allowed the developer to deduct 72 billion VND for compensation and support (including 55 billion VND related to the Ministry of National Defense and 17 billion VND for two other companies). The Government Inspectorate determined this deduction was improper and recommended its full recovery for the state budget.
The project underwent adjustments to its 1/500 detailed planning, but the province has not reassessed the land price post-adjustment to establish the financial obligations. The inspection agency warned that this delay could result in budget shortfalls. Therefore, Khanh Hoa Provincial People’s Committee has been urged to review the land allocation process and pricing, and recalculate the payable amount before proceeding with further actions.
The Inspectorate’s conclusion recommends that Khanh Hoa Provincial People’s Committee address the issue by recovering the improperly deducted amounts, reassessing financial obligations for each project, and reviewing the responsibilities of involved organizations and individuals. Any detected legal violations should be referred to the competent authorities for further action.
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Nha Trang Bay Joint Stock Company was established on November 25, 2010, in Nha Trang, primarily operating in the real estate sector. The former CEO and legal representative, Ms. Cao Thi Thu Hien (born 1977), was succeeded by Mr. Tran Duc Long (born 1980). The company’s charter capital currently stands at approximately 867 billion VND, doubling after the adjustment in late November. |
– 08:57 02/01/2026
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