The provincial government of Quang Ninh decided to halt two real estate projects by the state-owned Vietnam National Oil and Gas Group (PetroVietnam) for the slow pace of construction.
| An overview of Ha Long Trade Centre |
The withdrawal of the permits was applied to a project to build the Ha Long Trade Centre, an office and hotel complex in Ha Long City’s Bach Dang Ward, and Dao Viet eco-park and trade service complex in Yen Hung District’s Quang Yen Township.
Despite several extensions, construction on these projects continued to lagged behind schedule.
PetroVietnam had pledged to complete construction of the Ha Long Trade Centre by the end of this year.
After receiving two extensions, the group has yet to start construction and has handed over the project to Ocean Group.
PetroVietnam attributed the stagnation to difficulties in site clearance and lack of capital.
According to provincial authorities, PetroVietnam’s handover of the project to Ocean Group was illegal.