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Ba Ria-Vung Tau province revokes slow foreign investment projects

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The southeastern province of Ba Ria-Vung Tau has revoked 27 slow implementing projects including five foreign and 22 domestic investment projects.

Ba Ria-Vung Tau province revokes slow foreign investment projects

Most of the revoked projects have faced capital shortage and difficulties in site clearance and others.
Currently, the province still has 78 slow implementing projects including My Xuan general port invested by Taiwanese Formosa International Development Company with the total registered capital of US$477 million.
The 167 hectare project has four wharfs with the total length of 1,100 meters, able to handle vessels of 60,000 DWT.  It has been licensed for over eight years but slowly implemented so the provincial Department of Planning and Investment has proposed withdrawal.
Ba Ria-Vung Tau leaders said that the province will determine to revoke slow moving projects and not to permit investors to extend progress if they fail to prove their implementation ability.

By NONG NGAN – Translated by Hai Mien

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