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VietNamNews

Dung Quat pulls five delayed projects

Update: December, 14/2012 - 12:09

HA NOI (VNS)– Five projects in Dung Quat Economic Zone have had their investment licences revoked this year due to unacceptable construction delays, said Deputy Director of the zone's management board Le Van Dung.

Dung said the five projects, worth a total of US$37 million, included South Korea's Doobon Vietnam, Huy Vu Company's service area and Dung Quat Transportation Company's storehouse.

He said the board is considering revoking nine other real estate and services projects next year because the investors have delayed construction for more than 12 months and are unable to continue the project.

Dung said: "The main reason is due to the economic crisis. Many investors are unable to finance their project or find their projects' prospects are not as high as the initial valuation."

As for projects which are still in the planning stage, if the investors are still determined to implement the project, the board will consider extending the timeframe for the project to come to fruition.

As for built projects, the board will set up a council to assess the investment assets and carry out revocation. Otherwise, the council will help investors sell such assets or merge with others.

More than 110 projects with total registered investment capital of US$8 billion have so far been granted investment licences in the Dung Quat economic zone. In 2011, the management board revoked 12 projects on services, trade and seaport, with total investments of more than VND1,650 billion ($73 million). – VNS

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