Phú Quoc Special Economic Zone terminates Sheraton resort project

The Ban Quản lý Khu kinh tế đặc khu Phú Quốc announced on 27 July that the Sheraton Phú Quốc Resort development in Dương Tơ has been terminated. The decision follows more than 24 months of construction delays, with the investor failing to complete the project or adjust the timeline as required by Vietnam’s 2025 Investment Law.

The investor, Công ty Cổ phần Viễn Đông Phú Quốc, received an investment certificate for the 3‑hectare, 300‑room, five‑star resort in August 2013, with the most recent amendment in June 2023. Only the structural shell of a six‑storey building was completed before the site was abandoned for years. The management board gave the investor a limited period to liquidate assets; failure to do so will trigger compulsory land seizure.

This termination is part of a broader effort in Phú Quốc, where 19 projects have been revoked or ceased in the first half of the year due to non‑compliance with investment and land‑use regulations.