Authorities in the central province of Ha Tinh have withdrawn the investment licences from six delayed projects in the Vung Ang Economic Zone.
|An empty plot in the Vung Ang Economic Zone left by a delayed project. |
The projects had a combined value of US$100 million and included one foreign-invested venture.
They included a a storage centre for Viet Nam Oil and Gas Group’s Drilling Mud Corporation, a kindergarten project and an apartment project for workers at the Hung Nghiep Formosa Steel Corporation.
According to Dang Van Thanh, deputy chairman of the zone’s management unit, investors for three of the projects had asked for their licences to be revoked due to delays caused by capital shortages.
Thanh said the other three projects had been delayed for years and the investors had ignored warnings from the economic zone. He added that local authorities had tried to stop incompetent investors from gaining access to land in order to create a healthy investment environment.
Authorities have withdrawn licences from 38 projects registered in the economic zone since 2009.