In the first seven months of the year, Dong Nai Province authorities have revoked licences issued for eight foreign projects with a combined registered capital of US$86 million.
In the first seven months of the year, Dong Nai Province authorities have revoked licences issued for eight foreign projects with a combined registered capital of US$86 million.
Mai Van Nhon, deputy head of the province's industrial parks management, said despite favourable conditions and support from authorities, the projects had been delayed for 12 months.
Work on many of them never started while official agencies were unable to contact the investors of some others, he said.
Due to financial problems, the joint-venture NippoVina failed to begin construction in Bien Hoa IP No 1. The land allotted to it was being used as a parking lot and workshop and tax authorities had not been informed about it.
Kyung Rim Vina in Dinh Quan IP faced a similar situation. In May 2014 the investor returned the land to the authorities and informed them about the suspension of plans, Nhon said.
Last year Dong Nai had cancelled 17 FDI licences.
Authorities are also considering revocation of licences issued to more delayed projects. "We have a list of 47 delayed projects," Nhon told weekly newspaper Vietnam Iinvestment Review.
Many of them had failed to contribute to the province's socio-economic development and pay employees' salaries and social insurance premiums, he said.
"Dong Nai aims to attract FDI projects that can contribute to its coffers and create jobs."
Provincial authorities were determined to scrap the delayed projects and created a more liberal investment environment and more favourable conditions for foreign investors, he said.
(Source:VNS)
