Khanh Hoa Provincial Inspectorate has just issued an inspection conclusion for the Nha Trang International Yard Park project invested by Trong Diem Trading and Tourism Company Limited (later separated into Ana Marina Nha Trang Company Limited).
Transferring real estate projects in violation of regulations
The project has an initial scale of more than 89 hectares including mainland, gravel and water surface; after adjustment, it will be 390,299m2, with a total investment of 388 billion VND.
The project was approved for investment by the Khanh Hoa Provincial People's Committee in 2011. In 2013, Trong Diem Company established a subsidiary, Ana Marina Nha Trang, to continue implementing the project and was approved by the province.
On October 12, 2017, the Provincial People's Committee issued a decision approving the investment policy for Ana Marina Nha Trang Company.
The inspection agency concluded that the change of legal entity from Trong Diem Company to Ana Marina Nha Trang Company is a form of investment project transfer, but does not ensure legal regulations.
The Provincial Inspectorate confirmed that this is effectively a transfer of a real estate project in violation of regulations. The responsibility belongs to the Khanh Hoa Provincial People's Committee, the Department of Planning and Investment in the 2014 period and related individuals.
Violations in land allocation, delayed progress
The conclusion also shows that since 2016, Ana Marina Nha Trang Company has continuously requested to adjust the project, increasing the scale to more than 39 hectares.
However, for nearly 9 years, area 3 of the project has not been implemented, leading to a 5-year delay. According to regulations, projects are subject to the revocation of investment certificates if there is no legitimate reason.
In November 2013, the People's Committee of Khanh Hoa province signed a decision to lease nearly 880,000m2 of coastal water surface to Trong Diem Company for the project, but did not approve the auction of land use rights, violating the 2003 Land Law.
Legal documents on investment were transferred to Ana Marina Nha Trang and Ana Marina Park, but the land records were not adjusted in a timely manner, causing the legal basis for determining the project's financial obligations to be incomplete.
Notably, in 2017, Khanh Hoa Department of Construction granted a construction permit for Zone 2 to Ana Marina Nha Trang Company, while the land was leased under the name of Trong Diem Company, which was not in accordance with regulations.
Up to now, the Nha Trang international yacht project has not yet had enough legal basis to appraise land prices, while part of it has been built and put into operation for many years.
The Khanh Hoa Provincial Inspectorate recommended that the Chairman of the Provincial People's Committee direct a review and clarification of the responsibilities of relevant organizations and individuals.
The inspection agency also requested the Provincial People's Committee to propose to Steering Committee 751 and the Prime Minister to consider allowing the project to apply a special mechanism similar to Resolution 170/2024/QH15.
This is to completely resolve legal problems, determine land prices, collect sufficient financial obligations, and avoid loss of state budget.
From 2024 to present, the La Luna Resort project has been continuously advertised by banks for sale of collateral to recover bad debts.
In June 2025, VietinBank Thanh An branch announced for the third time the auction of the debt of Ben Du Thuyen Hotel Joint Stock Company. Total outstanding loans as of May 8, 2025 were over VND 752 billion.
The secured assets include the right to use 5,965.5m2 of land and futurely formed assets attached to land in Area A.
All real estate of the Royal Shipbuilding Center Project - Swisstouches Laluna Resort - Area A and Property Rights of Ben Du Thuyen Company arose from 291 apartment sale and purchase contracts signed between Ben Du Thuyen Hotel JSC and the apartment buyer.
Continuing in early July 2025, area B of the project was advertised for sale by Agribank for the 19th time to recover the debt with a starting price of VND 948 billion of Ben Du Thuyen Hotel Joint Stock Company.
