HÀ NỘI – Prime Minister Nguyễn Xuân Phúc has given the go-ahead to revoke Cam Ranh Shipyard Company’s investment certificate, meant for developing infrastructure in Khánh Hòa Province’s South Cam Ranh Industrial Zone.
The licence is being withdrawn as the company has failed to develop the project for eight years, baodautu.vn reports.
The PM allowed the Vân Phong Economic Zone Management Board, under the direction of Khánh Hòa People’s Committee, to revoke the certificate based on investment-related regulations.
Since 2011, the central province’s committee has proposed four times to the PM that the investment certificate of Cam Ranh Shipyard Co, a subsidiary of the Shipbuilding Industry Corporation (SBIC) be cancelled, so that another firm with sufficient experience and financial capacity could be found to complete the much-delayed project.
Covering an area of around 200 hectares beside the Cam Ranh Bay, the project had a total registered capital of VNĐ980 billion (US$43 million). The company was to have built infrastructure for a mixed industrial zone that would serve the shipbuilding and ship repair industry, the machinery, and the electrical and electronic assembly industries. The industrial zone was supposed to have attracted investors and become operational by the end of 2011. However, it has been lying abandoned due to the investor’s financial difficulties.
Till date, the company had not even initiated investment procedures to begin the project, the Vân Phong Economic Zone Management Board said. - VNS