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Tay Ninh revokes licences of rubber-processing projects

Update: May, 24/2014 - 09:57

TAY NINH  (VNS)  – The People's Committee of the southern Tay Ninh Province has approved the Department of Planning and Investment's proposal to withdraw the investment licences of two sluggish rubber-processing projects.

Two domestic investors, Thanh Liem and Hoan Cau Co in Tan Chau District, had funded the projects with VND25 billion or US$1.19 million each. The two investors blamed their projects' slow implementation on difficulties in processing and selling rubber latex.

The fall in global rubber prices and the large volume of rubber stock in the province have forced one-third of the province's rubber processing plants to stop operations or not run at full capacity.— VNS

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