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VietNamNews

Da Nang pulls plug on slow projects

Update: September, 04/2013 - 10:20
The developer Vien Dong Land Corporation was granted construction permission in 2008, but no progress has been made since a ground-breaking ceremony took place five years ago.— Photo cafeland

DA NANG (VNS) — The central city of Da Nang has decided to revoke two development projects which have been plagued by persistent delays.

A total of US$180 million was to be invested in total for the projects – a public park and an underground car park – in the city's downtown area.

The developer Vien Dong Land Corporation was granted construction permission in 2008, but no progress has been made since a ground-breaking ceremony took place five years ago.

The city instructed the Department of Natural Resources and Environment to withdraw the two projects to make room for other investors and developments.

"The city will halt more delayed projects following final decisions at a meeting of the city's Party Committee and the People's Council," said department director Nguyen Dieu.

"We'll release a full list of delayed projects that will be revoked this month."

According to an unofficial survey, the city has 30 slow-moving projects.

The city has attracted 259 FDI projects worth $3.62 billion in total.

Meanwhile, last month 210 domestic businesses registered total investment capital of VND388 billion or $18.5 million. — VNS

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