In August 2025, the Department of Agriculture and Environment of Khanh Hoa conducted a review and handling of land plots that had been decided to be reclaimed by the Provincial People's Committee but had not been handed over to the Land Fund Development Center for management.
The name of the Royal Yard Center project is on this list. Specifically, in area D of the project, although the Decision to reclaim more than 19,142m2 of land was issued in 2017, Ben Duong Hotel Joint Stock Company has not yet handed over the land to the Provincial Land Fund Development Center.
The name La Luna Resort Nha Trang (legal name is the Royal Yard Center Project) was once a prominent project in the list of BT (build - transfer) projects that Khanh Hoa province implemented in the past decade.
After only a few years of implementation, this project fell into a bad debt situation, and its assets were simultaneously tightened by many banks.
This BT project originates from the policy of Khanh Hoa Provincial People's Committee on upgrading and expanding Mai Xuan Thuong Street (old Nha Trang City) with a total length of only 970m, with a total investment of about 47 billion VND.
After the route came into operation (April 2015), Khanh Hoa Provincial People's Committee signed a BT contract with Ben Tuong Hotel Joint Stock Company, with a contract value of about 47.5 billion VND.
Also in 2015, Khanh Hoa province decided to hand over and lease more than 47,000m2 in Vinh Hoa ward, Nha Trang city (old) to Ben Du Thuyen Company.
After being allocated land, this enterprise implemented the Royal Yard Center project to recover capital for the BT project to upgrade Mai Xuan Thuong Street and the dormitory of Khanh Hoa Provincial Political School.
The Yates Hotel Joint Stock Company was allocated land including area A of nearly 6,000m2, area B of more than 3,800m2 in Vinh Hoa urban area for the project.
In 2016, Khanh Hoa province approved the price of land use fees for residential land (not forming residential units) for areas A and B (more than 9,800m2) at about VND4.7 million/m2 for investors to recover capital for the BT project.
In addition, this project has 2 other sub-areas, areas C and D. For area D alone, in 2017, Khanh Hoa province decided to adjust and reclaim more than 19,000 m2 because it was not included in the above BT refund project.
Since 2018, the investor has signed contracts to buy and sell luxury resort apartments in this project with many customers, collecting money but not yet handing over the houses to buyers.
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.
In Khanh Hoa, the BT (build - transfer) project type was once implemented with the goal of changing infrastructure for land fund. However, the implementation process has revealed many violations in planning, valuation and land allocation, causing budget losses.
In particular, many projects have been inspected, handled and reviewed. Thereby rectifying investment activities in this form to ensure transparency and compliance with the law.
