New momentum of the Sa Dec 'city of thousands of flowers'
Recently, Sa Dec City has set a goal of developing the tourism industry to be more and more attractive to tourists, attracting investors, priority to the construction of infrastructure, tourist areas, entertainment venues, etc. To affirm and enhance the position of the "city of thousands of flowers" on the tourism map of the Mekong Delta region, it is necessary to have high-class accommodation and international standard services.
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| Kingdom of Trees - Flowers in bloom. |
Recognizing this potential and strength, Sao Mai Group has prepared an investment plan for the "Sao Mai International Hotel Project" with a total investment of about 600 billion VND on a land use area of 13,079m2 in Ward 2, Sa Dec City. The hotel is expected to be modern, with 17 floors and one basement, a floor area of about 43,665 m2, 224 suits from standard to luxury, and an event centre, restaurant, cafe and other service centres...
The framework is not suitable for objective reality
However, the COVID-19 pandemic broke out and lasted for more than three years (from 2019 to 2021), pushing the global economy into a spiral of the fight against the pandemic. Inevitably, all production and business activities and investment work were frozen and completely stagnant.
In 2022, most businesses began the recovery phase after the heavy losses of the pandemic. However, before it could be revived in 2023, the world economy, in general, and Vietnam, in particular, faced many fluctuations and difficulties, leading to a decline in aggregate demand, high inflation, and political and financial instability.
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| Sao Mai International Hotel Project has a capital source of up to 600 billion VND. |
On the other hand, if, in the past, legal documents related to construction, investment, and tax policies were approved, after a short time, the regulations were changed, almost no longer being effective, forcing investors to wait or "start over".
In addition, the regulations on investment progress extension are not specifically guided in the 2014 Investment Law and guiding documents. Therefore, in the past, the application of the regulation "Total investment progress extension time not exceeding 24 months. In case of force majeure, the time to overcome the consequences of force majeure is not included in the time for extending the investment progress" according to Clause 3, Article 46 of the 2014 Investment Law, which is still complicated, inadequate, and inconsistent.
Next, in practice, it takes a lot of time to have all the items in this process, including many different types of documents, papers, and licenses, which often take more than one year, which is very fast. However, the narrow framework of 24 months for investors to complete the entire process, from paperwork - to infrastructure construction - to putting the project into operation on such a scale, poses a challenge.
Therefore, the above regulations on extending the investment progress are unsuitable for practical requirements, affecting the investment management of competent State agencies and reducing the efficiency of investment projects. These are the reasons businesses have a "headache" amid the inadequacies of legal procedures.
The reasons from objective practice and the force mentioned above majeure situations, whether we want them or not, will affect the project implementation progresson. This is also a common concern of many businesses today.
Focus on "resolving difficulties" and supporting businesses
Faced with the challenge of economic integration, investment regulations, when applied in practice, reveal shortcomings and limitations and are not suitable for the socio-economic development situation, which is inevitable, but researching and exchanging investment regulations is the responsibility of every citizen to promptly propose amendments, supplements, and gradually perfect legal regulations on investment.
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| Tourism infrastructure has a breakthrough mission in the period of 2021 - 2025. |
In the future, Sao Mai Group hopes to coordinate with relevant parties and local authorities to "unblock" the "bottlenecks" in legal procedures, creating favourable conditions for investors to speed up project operation progress flexibly and effectively. At the same time, the goal in 2024 is to continue investing in completing projects in strategic areas, including the "Sao Mai International Hotel Project" in Sa Dec.
Having a worthy property in a prime location and serving luxury accommodation will undoubtedly be one of the essential stepping stones, creating a "new momentum" to develop tourism to gradually become a key economic sector of the "capital of thousands of flowers".
