The Lam Dong Provincial Police announced it is addressing criminal complaints from citizens, accusing Danh Viet Trading and Services Joint Stock Company, the investor of the Lac Viet luxury coastal ecological tourism project (Venezia Beach - Luxury Residences & Resort), of showing signs of customer deception during transactions.

Authorities have issued a notice seeking individuals who previously signed deposit contracts or sales agreements for products at the project, to cooperate with the investigation and ensure their related rights.

A view of the Lac Viet luxury coastal ecological tourism project in Son My commune, Lam Dong province. *Khai Nguyen*

Transactions made without sufficient legal conditions

In 2018, the Binh Thuan Provincial People's Committee approved Danh Viet Company to invest in the project, spanning more than 72 hectares in Thang Hai commune, Ham Tan district (now Son My commune, Lam Dong province). The project is situated in a prime location on Ha Lang beach, bordering the Binh Chau area (Ba Ria - Vung Tau).

Marketed under the commercial name Venezia Beach - Luxury Residences & Resort, the project was promoted through advertising materials as comprising sea villas, commercial townhouses, and resort, entertainment, and tourism facilities, with expectations of price appreciation and business exploitation.

However, the project remains unfinished and construction has halted due to various reasons, including land clearance issues involving 15 local households.

According to initial police verification, around 2022, Danh Viet Company (or through an authorized unit) signed deposit contracts, agreements, and collected money from many customers purchasing products at the project. At this time, the project did not meet the legal conditions for real estate transactions. Many customers spent billions of Vietnamese dong as deposits to buy "on-paper" sea villas. Upon discovering the project lacked complete legal procedures, they requested refunds but were denied, leading them to file complaints with authorities.

Rendered image of the Lac Viet luxury coastal ecological tourism project advertised and sold online.

'Booking' is not a legally recognized transaction

Before the investigation began, in June 2023, the Binh Thuan Department of Construction (now under Lam Dong) listed this project among 33 resort real estate projects that had not completed legal procedures but were already being advertised and transferred for sale.

When the coastal real estate market in Binh Thuan was experiencing a "fever" (boom), authorities discovered many investors and distribution units mobilizing capital through methods such as booking, reservation, and position registration. These forms are not regulated by the Housing Law, Real Estate Business Law, or related legal documents.

Furthermore, some investors and brokerage units advertised and provided misleading information about the nature, objectives, and approved scale of the project, showing signs of customer deception.

Recently, the Lam Dong Provincial Inspectorate also uncovered many violations in investment and construction at several coastal resort real estate projects, recommending that investors rectify these issues to ensure buyers' rights and prevent prolonged disputes.

Construction vehicles scattered at the Lac Viet project. *Khai Nguyen*

The Lam Dong Police are calling on individuals who previously signed deposit contracts or sales agreements for products at the Lac Viet luxury coastal ecological tourism project to come forward and provide information, assisting the investigation and ensuring their related rights.

Khai Nguyen