The Phoenix Beach project.

Looked at the website.....seems impressive., but Vietnam is already overstocked with empty hotels and Condos.

They are targeting high end investors....but they've never came before.  Look at Nha Trang Centre, it was billed as THE  place to live with all the bells and whistles.  It's still empty and rusting windows and balconies are the only thing happening there.     The so called Luxury Housing development at Vinpearl looks deserted and overgrown etc etc . 

This trend is all through Vietnam.   They build it, but can't sell it .   The "Smart money"  investors  look at the  Honesty, Integrity, Trust and Reputation of the people they are dealing with.........good luck with that.

Laws can change overnight here. 

There's always the hoopla and bullshit associated with the launch of projects here.  That's hopefully to attract the sucker money.  Problem is the GFC wiped out a lot of the sucker money.

The joint investors appear to be from Delhi, India.   
I'd say it will all end in tears for the banks lending them the money....