Tuesday, October 25 2016


Russian project’s licence revoked due to delays

Update: April, 07/2016 - 09:00
A corner of Nhon Hoi Economic Zone. The province will  withdraw licences of projects that have been delayed. — Photo kktbinhdinh.vn

HÀ NỘI (VNS) — The management board of Nhơn Hội Economic Zone in the central coastal province of Bình Định has revoked the investment certificate issued to a Russian bus manufacture project due to its delay in implementation, Phan Cao Thắng, deputy head of the board said yesterday.

Thắng, who is also the provincial People Commitee’s deputy chairman, said the project, owned by Russia’s Buscenter Met Company Ltd, was meant to assemble and manufacture bus parts and agricultural machines.

Under the licence granted in April 2013, the US$1billion project was to be built on 50ha in Nhơn Hòa Industrial Park in An Nhơn township.

"The construction is expected to be finished in three years. However, it is now at a standstill," Thắng said.

The project was the foreign direct investment project that had the largest-ever capital in the province.

Local authorities said the province always provided the best conditions for investors to do business, but it would withdraw licences of projects that have been delayed. The withdrawal of licence is aimed at helping other investors get an opportunity to do business in the province. — VNS


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