On December 1, Lam Dong Provincial Inspectorate announced the conclusion of a thematic inspection of sentosa Villa Project invested by Saigon Investment Company Limited, implemented in Mui Ne ward. This is one of 10 projects that have been stuck and behind schedule for many years and were included in the inspection in August.
The project was approved for investment in September 2013, planning to build a coastal residential - resort area including hotels and villas. According to the plan, the project must be completed within 12 months.
However, by the time of inspection, the project had been behind schedule for more than 11 years and had been administratively sanctioned in November 2021 for being slow to implement.
The inspection conclusion determined that the Department of Natural Resources and Environment (before the merger) and the Office of the People's Committee of Binh Thuan province (before the merger) had advised the Provincial People's Committee to allow the conversion of the purpose of use of 88,687m2/157,250m2 from perennial land to urban residential land that was not in accordance with the land use plan.
Regarding construction, Saigon Investment Company Limited has constructed many items on land for growing perennial crops, without a construction permit. These violations were recommended in the Inspection Conclusion of the Ministry of Natural Resources and Environment (April 2018) and the Department of Construction (March 2020).
The project is not eligible for real estate business in the future, but the investor has signed many "capital contribution cooperation" contracts, "buy and sell villas formed in the future", earning nearly 230 billion VND. This has led to many disputes and complaints from customers.
From the above conclusions, the Provincial Inspectorate recommended that the People's Committee of Lam Dong province assign the Department of Finance to advise to propose the Central Government to consider and approve Saigon Investment Company Limited to continue investing in the project in accordance with the prescribed procedures and order.
If approved, the Department of Finance will guide investors to adjust the project's goals in the direction of trade - services - resort tourism.
At the same time, review financial capacity and feasibility before advising the Provincial People's Committee to decide and review and recalculate financial obligations. The Department of Agriculture and Environment handled the area of land with changed land use purposes that were not suitable.
The Provincial Inspectorate requires Saigon Investment Company Limited to have a plan to properly resolve signed capital contribution and sale contracts, avoid complaints and lawsuits, and ensure stable local order.
