BA RIA-VUNG TAU (VNS)— The southern coastal province of Ba Ria-Vung Tau has withdrawn the investment licences of eight projects, worth US$71.5 million, since the start of this year.
Investors in these projects had been urged to start construction, but they had failed to comply.
According to the provincial Department of Planning and Investment, local authorities will hold meetings with investors to enquire about the difficulties they are facing as well as their expectations, so the authorities can take measures to support them.
Based on the inquiry, the province will cancel licences for projects that their investors are unable to implement.
Ba Ria-Vung Tau Province has granted investment licences to seven new local projects so far this year. Its target is to give permission to 17 domestic projects to be constructed in 2014.
In 2013, the province attracted 13 foreign-invested projects worth $217 million and 29 others by local businesses with investments valued at VND14 trillion ($666.6 million). — VNS