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Businesses to get compensated after port project scrapped

Friday, March 21, 2014
Resort investors forced to halt their projects for a seaport project in the central province of Binh Thuan will possibly get over VND800 billion (US$37.48 million) in total compensation after the port was canceled.
Thoi bao Kinh te Saigon (Saigon Times) Online newspaper reported on Monday that the province’s Department of Finance is estimating the losses of the 12 suffered tourist projects at Ke Ga Cape, over 20 kilometers south of the resort town of Phan Thiet.
The Gioi Xanh (Green World) Resort, one of 12 tourist projects closed for the construction of Ke Ga Port in the central province of Binh Thuan 
Tang Viet Cuong, director of the department, was quoted as saying compensation costs will be concluded this week after they finish negotiations with investors.
Then local authorities will report the conclusion to the government before handing it over to the Vietnam National Coal and Mining Industries Group (Vinacomin), the investor of Ke Ga Port, so the company will make payment, he said.
Cuong said local authorities will try to speed up the compensation in a “fair” way.
In their complaint to Binh Thuan People’s Committee in 2012, the investors claimed that they suffered losses totaling over VND800 billion, after being ordered to close their projects for the port’s construction, the newspaper reported.
Last February the government canceled the $1-billion port project for being “ineffective."
As of that time Vinacomin had yet to begin work on the project, despite getting the government’s approval five years before.
The $1-billion port was planned to be Vietnam’s main port for the export of alumina, or refined bauxite, a principle source of aluminum, by 2015.
According to the newspaper, many of the resort investors said they planned to resume their projects after receiving the compensation.
Nguyen Ngoc, vice chairman of Binh Thuan People’s Committee, said local authorities are ready to give the investors licenses to continue their projects.
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