Latest Updates on the $4.1 Billion Tourist Resort Project in Ba Ria
Recently, Mr. Le Ngoc Khanh, Vice Chairman of the People’s Committee of Ba Ria – Vung Tau province, signed Document No. 2897/UBND-VP, sending it to relevant units regarding the Saigon Atlantis Hotel project in Vung Tau City, developed by Winvest Investment Co., Ltd (Vietnam) [^1^]. This move highlights the province’s commitment to ensuring the smooth progress of the project.
Aiming for Progress
The Ba Ria – Vung Tau provincial leaders have instructed the Department of Planning and Investment to provide a report to the provincial Party Committee and the Standing Committee of the Provincial Party Committee on the project’s progress in March 2024. This includes proposing solutions to address any obstacles that may arise during the project’s implementation [^2^]. Additionally, the opinions of the Department of Taxation have been taken into account to streamline and review reports, urging the company to promptly submit relevant project-related documents. The provincial government seeks to finalize the project plans in March [^3^].
Project Overview
The Saigon Atlantis Hotel project, covering over 297 hectares of land and 600 hectares of waterfront area, is spearheaded by Winvest Investment Co., Ltd. Upon completion, this ambitious project is set to offer 332 villas with 11,960 five-star hotel rooms and 16,127 high-end apartments [^4^]. Originally granted an investment certificate in 2007 with a total investment capital of $300 million, the project applied for and received an adjustment to increase the investment capital to $4.1 billion by 2009 [^5^]. The development will include a range of facilities such as a 5-star hotel, adult and children’s entertainment areas, high-end shopping districts, conference centers, sports clubs, and luxury villas.
Overcoming Challenges
However, despite obtaining the investment certificate, the project has yet to commence. The primary reason cited by the investor is the significant increase in land prices [^6^]. In a report submitted to the provincial government in June 2020, the Department of Planning and Investment proposed two options for addressing the issues faced by the Saigon Atlantis Hotel project: either terminating the project ahead of schedule or reducing its scope (allowing the investor to proceed on the portion of land for which they have already paid a rental fee of 98 billion VND) [^7^]. In July 2020, Ba Ria – Vung Tau province held a working session to address the delayed implementation. However, Winvest Investment did not agree to downsize the project and instead proposed to continue its execution [^8^].
The ongoing efforts of the provincial government and relevant authorities to push the Saigon Atlantis Hotel project forward reflects their commitment to developing a thriving tourist resort in Ba Ria – Vung Tau. As the province continues to strive towards progress, all eyes are now on the upcoming developments in the coming months.
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