Quang Ngai revokes IP license

Tan Tao Group received the investment certificate to develop the park in Duc Pho district, Quang Ngai province, in 2009.

However, the group was not able to start construction until 2012 and even had its investment certificate withdrawn for the delay.

The aforementioned sum to be returned to Tan Tao is for geological research, planning and an environmental appraisal report conducted by the company.

Once the money is returned, Tan Tao will have to return all the original legal documents for the above items and documentation to confirm they accepted the transfer of those items to the Quang Ngai Industrial Park Management Board.

Together with the decision to return VND1 billion to Tan Tao, the Quang Ngai People’s Committee also requested the local Industrial Park Management Board to be in charge of efficiently using the items Tan Tao transfers over.

All these items will be provided to the project’s investor, once a new one is found.

Pho Phong Industrial Park is not the only project invested in by Tan Tao Group in Quang Ngai. The group is also the investor of the Vina Universal Film Studio and the Universal Paradise Trading and Service Complex.

In June 2010, local authorities decided to revoke the license of the film studio project, which was originally registered as a $50 million investment. The $57 million complex started work in 2008 but has seen very slow progress. 

The complex will include areas for trade, services, luxury villas and a sports complex.

Tan Tao is among the largest private groups in Vietnam. It operates in a number of fields ranging from property to power generation, water supply and education.

The developer has eight other industrial parks in the works including Tan Duc, Tan Tao, Kien Luong, and Ha Nam. The group is now also working on a giant 4,000 megawatt power project in southern Kien Giang province.