What could go wrong?
A group of investors including Pavilion Group, Bamboo Capital Group, Danafood and others just proposed building an artificial island on Da Nang Bay with a total investment capital worth US$8 billion, Tuoi Tre reports.
According to their proposal, the man-made island – which is to be named Lotus Island – will consist of residential areas, a casino, finance and commercial centers, Formula 1 circuits, duty-free retail outlets, golf courses, etc. Notice the plurality of "circuits" and "golf courses."
Inspired by Dubai, the project will be located one kilometer from the sea coast and cover 1,400 hectares of sea mass. The artificial island will be connected to land by a bridge.
However, many concerns were raised during a meeting between Da Nang Investment Promotion Agency, a unit under the Da Nang People's Committee, and the investors.
Officials from the Vietnam Border Defence Force said the project needs the Ministry of Defense's permission as transforming a large area of sea mass would make a big impact on national security and defense. Others emphasize the need to protect Da Nang Bay's natural resources and ecosystem.
Some officials also warned that the proposal's details and investor profiles are still ambiguous. There are not enough justifications for the city People's Committee to report to the prime minister, who will be the main decision-maker on whether the project can be executed.
In the meantime, authorities from Hai Chau, Lien Chieu, and Thanh Khe are being ordered to provide the investors' information needed for the proposal to be finalized.
[Photo via Alove]
