On 30/7, Nguyen Thanh Tung, Head of the Phu Quoc Economic Zone Management Board, announced that the project is among more than 20 in the special economic zone whose investment approvals were revoked due to slow implementation. This action aims to reduce land waste, improve urban aesthetics, and prepare for the APEC High-Level Week in 2027.

The unfinished Sheraton Phu Quoc Resort structure, abandoned for many years. Photo: Chi Hao

Vien Dong Phu Quoc Company, the investor for the Sheraton Phu Quoc Resort tourism and leisure complex, received initial approval in 2013, with adjustments made in 2023. The project, planned for 28 hectares and featuring 300 rooms, is currently more than two years behind its committed schedule.

According to Tung, the investor began constructing some beachfront components in 2019 but subsequently halted work. The company cited the impact of Covid-19 as a reason for the delay and was granted an extension once; however, it still failed to meet the committed schedule.

"The investor was given favorable conditions but could not continue implementation, so the project had to be revoked", Tung stated.

The decision to terminate operations mandates that the investor complete liquidation procedures, dismantle all constructed components, and restore the site within four months.

The structure on Tran Hung Dao street, with one side facing the sea. Photo: Duong Dong

During a recent session of the An Giang Provincial People's Council, Ho Van Mung, Chairman of the An Giang Provincial People's Committee, noted that the locality is reviewing projects, particularly those in the Phu Quoc special economic zone. Projects that are not implemented or have been prolonged for many years will be processed and revoked to prevent land waste and create land reserves for key infrastructure projects.

Ngoc Tai