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Thua Thien – Hue revokes licences of 8 projects

Update: March, 24/2015 - 08:51
The Lang Co Bay in the central province of Thua Thien - Hue. Provincial authorities have agreed to revoke the investment licences of eight projects near this area. — File Photo
THUA THIEN – HUE (VNS)   — Authorities in the central province agreed to revoke the investment licences of eight projects in the Chan May – Lang Co Economic Zone.

According to Dien dan Doanh nghiep (The Business Forum), the projects' licences were being revoked because their investors neither ensured progress was made nor paid the deposits required for implementation.

The projects include an underwater sports club belonging to Dao Ngoc Tourism JSC, a mechanical factory for Chan May Mechanical Manufacturing Company Ltd, a CIT Construction Investment and Tourism JSC eco-resort, and a resort and golf course complex for Lap An Investment and Development Company Ltd.

The other projects were financed by Viet Long – Hue Investment JSC, Dong A Steel Company Ltd, Handico Investment Construction and Interior Decoration JSC, and Pegasus Fund 2-LLC Viet Nam Company.

The provincial People's Committee has asked the economic zone's management board to review some other projects that are showing tardy progress to decide whether they should be terminated to ensure efficient use of investments. — VNS

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