Over 60 projects were approved this year but only six had got underway by the end of October.

Of the US$6.3 billion committed, only $73.5 million, or 1.16 per cent, has actually been brought in, according to investment officials.

Investors have some ambitious plans for the province - US firm Good Choice USA-Viet Nam has applied to build the Vung Tau Wonderful World Theme Park in Bau Trung in Vung Tau Town. It will include an 88-storey Landmark Tower, conference centre, shopping malls, hotels, cinemas, and open air stages.

A Canadian firm has sought a licence to build a $4.2 billion tourist complex in Phuoc Thuan Commune, Xuyen Moc District.

A $120 million project by a Chinese company seeks to build an international five-star hotel and 50 luxury villas in Chi Linh tourist site in Vung Tau.

Among those already licensed are the Nui Dinh Cultural Forestry Park at a cost of $7 billion by the US’ Eight Wonder Company.

The Hoa Binh Fall project by Korea’s JQ Urban Development has a registered capital of $1 billion.

Delay causes

Investment officials attributed the delay in disbursement of investment money to time-consuming land clearance and compensation procedures.

To expedite the pace of the projects, the local administration has instructed local authorities to speed up land clearance and cancel long-delayed projects from which investors are seeking to profit by selling land.