Trung Nguyen will lose its licenses to develop the projects totaling over VND2.38 trillion (US$105.58 million) if it fails to complete and open them over the next five years, Tuoi Tre newspaper said, citing the province's statement.

More than 89 percent of the cost estimate is earmarked for a 45.4-hectare complex in the resort town of Buon Ma Thuot -- an ambitious project that includes a coffee museum and a hotel. The newspaper reported that work has not begun since the project was approved in September 2009.

Another project, also in Buon Ma Thuot, is a VND139-billion guest house, it said. The latest progress updates published in August last year showed that the developer was still working on its design. Trung Nguyen has also failed to start construction on a tourist farm in M'Drak District and a tourist complex at waterfalls near Buon Ma Thuot, which were approved in 2004 and 2010, respectively, the newspaper reported.

Thanh Nien News - March 13, 2016