The Quang Tri Provincial Department of Planning and Investment has issued a decision on terminating the operations of the Mui Treo Beach Resort Complex Project, effective from August 25.

The project was terminated because the investor did not pay a deposit for the assurance of project execution or obtain a bank guarantee, as prescribed by the Law on Investment 2020.

Its termination was also in line with Government Decree No. 122 dated December 28, 2021 on penalties for administrative violations against regulations on planning and investment. Under Item 2a of Article 19, the project failed “to correctly comply with the written approval for investment guidelines, written approval for both investment guideline adjustment and investor change, and written approval for investor or investment registration certificate.”

The Mui Treo Beach Resort Complex Project was granted written approval for investment in March 2019, and then written approval for adjusted investment a year later. Implemented by the Pacific Quang Tri Joint Stock Company, the 198-ha project had initial investment of VND1.966 trillion (nearly $82 million), which was later increased to VND5.75 trillion ($239 million).