Hai Duong revokes licences of four foreign-invested projects

Dai An Industrial Zone is one of the FDI hotspots of Hai Duong

These foreign-invested projects include the $36.15 million mobile phone components and parts manufacturing project invested by Ilshin Vina Co., Ltd. and the $1.26 million plastic project invested by Ripe Lawn Vietnam Co., Ltd. The two remaining projects are the $300,000 electronic components and parts checking and conservation warehouse invested by Daeil Tech Vietnam Co., Ltd. and a similar warehouse by KTC Electronics Vietnam Co., Ltd. worth $195,000.

Nguyen Dinh Khiem, director of Hai Duong Department of Planning and Investment said that previously, the province was more lenient with the delayed projects and provded favourable conditions in the hope the investors would implement their projects. However, at present, the province has changed tack and is resolutely withdrawing the licenses of long-delayed projects.

According to statistics from Hai Duong Department of Planning and Investment, in the second quarter of this year, foreign direct investment (FDI) inflows to the province decreased both in the number of projects and registered capital.

However, many investors have expanded their existing facilities in the province, boosting added capital in the second quarter to more than double of the year prior.

“Efforts to improve the business and investment environment, along with the initiative to develop industrial infrastructure, have helped make enterprises feel secure to maintain and expand their operations in the province,” Pham Minh Phuong, head of Hai Duong Industrial Park Authority said.

In order to improve FDI attraction in the second half of this year, the province will continue to increase investment promotion activities, focusing on strategic partners. The province welcomes projects with large added value that are environmental friendly, which it expects will lure in other satellite projects.

In order to suit the current pandemic situation, the province will increase to organisation of local investment promotion events to directly support enterprises in dealing with their difficulties.