Promag Limited Co to invest in Binh Dinh's property project

The central province of Binh Dinh has revoked the license of Germany's Promag Limited Company for a US$30 million property project.

Nguyen Thanh Hai, director of the Binh Dinh Investment Promotion Center, told the Daily that this was a matter of procedure as Promag had dissolved its Gruener Park Quy Nhon project.

The company originally planned to develop a commercial center, a supermarket, offices for rent, villas and a cable car system.

Hai said that the planned eight-hectare Gruener Park already attracted four local and foreign companies to develop their projects there.

Binh Dinh, around 700 kilometers north of HCMC, is emerging as an attractive destination for domestic and foreign investors.

To make it attractive, Binh Dinh has been boosting infrastructure development development and has announced plans to seek some US$200 million for several resorts.