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FDI tourism zone licenses revoked

Update: August, 01/2014 - 08:30

Hon Nua island in the southern central coastal province of Phu Yen. The province has recently withdrawn an authorisation granted to Varella Co., Ltd to construct Hon Nua island eco-tourism site because it has not been implemented as planned. — Photo thanhnien.com.vn

HCM CITY (VNS) — The central province of Phu Yen has revoked licenses of two foreign direct investment (FDI) tourism projects worth US$50 million for delays in implementation.

Invested by Varella Ltd Company, the Hon Nua island eco-tourism zone project, with an investment of $37.5 million, was licensed in March 2008, and the Tuy Hoa coastal hotel and resort zone project, with an investment of $11 million, was licensed in October 2009.

The Department of Planning and Investment had extended the deadline to December last year, but the projects still have not been implemented.

The province revoked the investment deposit of the Hon Nua island eco-tourism zone project worth $124,807 and added it to the State Budget.

This year, Phu Yen Province has revoked five projects with a total registered capital of VND1.58 trillion ($74.51 million) for delays in implementation, mostly due to disagreement in site clearance compensation.

Last year, the province revoked nine projects with a total registered capital of VND1.24 trillion ($58.29 million), mostly tourism, real estate, mineral and hydro-power projects. — VNS

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