FLC Quang Binh's 20,000 billion VND project is devastated

FLC Quang Binh project occupies nearly 2,000 hectares of coastal forest land in Quang Binh, stretching 5 km along the coast of Hai Ninh commune (Quang Ninh district) and Hong Thuy commune (Le Thuy district). The project is expected to turn this place into an international entertainment center and the largest real estate project in the Central region.

A series of abandoned villas

FLC Quang Binh project is invested by FLC Group, with a total investment of up to 20,000 billion VND, started in 2016. The project is planned into 3 functional zones, including: SeaHorse, Sea Pearl and SeaStar; with a series of items such as: 6-star hotel and villa area, shophouse, mini hotel, film studio; golf course complex, international conference center, series of coastal entertainment areas... with a system of modern, international-class utilities.

Since March 2016, FLC Quang Binh has been vigorously implementing the construction of infrastructure for the project items of hotels, resorts and the largest golf course chain in Southeast Asia in phase 1 on a land fund of 2,000 hectares...

By phase 2, FLC Quang Binh has basically completed the infrastructure and put into construction of housing, villas and an international conference center. Notably, the luxury 6-star villa and resort complex was once advertised for sale at 1 million USD for a luxury, high-end coastal apartment.

Hàng loạt công trình biệt thự, villa của dự án FLC Quảng Bình xây dựng dở dang — A series of villas of FLC Quang Binh project are under construction.

Former FLC Chairman Trinh Van Quyet once affirmed that when completed, the entire project will become the most modern and closed coastal resort and urban complex today. It will be a highlight of the natural landscape of the Central region that is rare in any project anywhere else.

However, after nearly 8 years of implementation, the FLC Quang Binh project has only put into operation 2 36-hole golf courses and completed a number of coastal villa models. The remaining scene is the desolation and ruins of many unfinished construction projects, along with the vast empty land that makes anyone who witnesses it feel regretful and heartbroken.

Inside the subdivisions is a huge abandoned project, with countless buildings such as townhouses, villas, hotels, shopping centers... only built in the rough, the concrete blocks lying bare. Some other buildings only had the foundation built and left there, because over time the steel and iron rusted and deteriorated. Around the project is a desolate, shabby scene, covered with grass and moss.

Mr. Le Van Minh (Hai Ninh commune, Quang Ninh district - whose house is next to the FLC project) expressed regret when witnessing the scene of a series of villas and construction works lying abandoned, overgrown with weeds. According to Mr. Minh, around the end of 2022, construction inside the FLC project stopped completely. Since then, he has no longer witnessed the scene of workers, machines, and vehicles operating, making the scene quiet.

The fate of the super project is uncertain.

According to the investigation, after FLC Chairman Trinh Van Quyet was prosecuted and arrested by the Ministry of Public Security for violations, all construction activities at the FLC Quang Binh project had to be temporarily suspended, falling into a "stillborn" state. Only the golf course was operating and welcoming guests. As for the project, no one knew when construction would resume.

Talking to a reporter from the Lao Dong Newspaper, Mr. Pham Minh Huan - Chairman of the People's Committee of Hong Thuy Commune - said that according to the data, the FLC Quang Binh project will reclaim nearly 400 hectares of land in this locality, and the remaining 1,600 hectares of land will be in Hai Ninh Commune. Of which, some projects have been divided into small parts and have been reclaimed and cleared; some are still in their original state because they had to stop completely before they could be implemented.

Mr. Bui Van Kham, Head of the Economic Infrastructure Department of the People's Committee of Quang Ninh District, confirmed that the FLC Quang Binh project has stopped all construction activities within the project area in Hai Ninh commune for nearly 2 years. The suspension of construction has caused a series of unfinished and degraded projects.

According to the Quang Binh Provincial Tax Department, in the list of 42 tax-debt-ridden entities that were made public, FLC Group topped the list with over VND277 billion. In addition, FLC Faros Construction Joint Stock Company - a business in the FLC ecosystem - also owes over VND11.5 billion in taxes.

Mr. Ngo Van Thuan, Deputy Director of the Quang Binh Provincial Tax Department, said that for now, the units on the tax debt list, including FLC, have been forced to pay invoices by the Provincial Tax Department for a period of 1 year. After 1 year, if the tax payment is still not completed, the enforcement measures will be extended. In addition, the Provincial Tax Department also issues monthly notices of tax debt and late payment fees to FLC Group.

FLC Quang Binh has entered the "sights" of the Ministry of Public Security.

Recently, the Ministry of Public Security's Investigation Police Agency has sent a document to the Chairman of the Quang Binh Provincial People's Committee requesting the competent authorities to provide documents and files related to FLC projects in this locality. These include documents and files on projects invested by FLC Group Corporation, FLC Faros Construction Corporation, FLC Biscom Yacht and Golf Course Investment Corporation in Quang Binh.

Projects in the "crosshairs" include: FLC Quang Binh Hotel, Resort and Villa Conference Center; Wildlife Park; FLC Quang Binh Golf Links Golf Course; FLC Adventure Sports Park; Hai Ninh high-end ecological and resort villa area...