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Đồng Nai revokes 40 delayed, abandoned FDI projects

Update: March, 08/2017 - 15:00
Đồng Nai Province has revoked investment permits granted to 40 FDI projects that have been abandoned or delayed for a long time. — Photo vietbao.vn
Viet Nam News

ĐỒNG NAI — The Industrial Zone Management Board of southern Đồng Nai Province has revoked investment permits granted to 40 FDI projects that have been abandoned or delayed for a long time. 

According to Mai Văn Nhơn, deputy head of the board, the revoked projects have total investment of over US$300 million. 

Nearly 1,300 projects, worth over $25.8 billion, from 44 countries and territories are valid in Đồng Nai. 

Since the beginning of 2017, the board has been working hard to review the status of projects located in industrial zones, Nhơn said, adding that the investment permit of any project that exceeded the 12-month limit set for disbursement will be withdrawn. 

The move indicates the determination of the province to exclude incapable investors from the industrial zones and speed up disbursement of licensed projects. 

Nhơn added the province has given priority to projects that apply advanced technologies and use fewer workers and those in the support industry. It has also called for more investment in district-level industrial parks. 

In 2016, Đồng Nai granted investment licenses to 100 FDI projects, 50 per cent of which were located in rural mountainous districts, such as Dầu Giây, Suối Tre, Long Khánh and Nhơn Trạch 3 industrial parks. 

The province is currently home to 32 industrial parks and attracts some $2 billion in FDI annually. — VNS

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