Economy
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| Bà Rịa - Vũng Tàu Province has been busy cancelling the licences of tardy projects like this petroleum and gas museum. The latest is a US$477 million port in Phú Mỹ Town due to be built by Taiwan’s Formosa International Development Corporation. — Photo cafef.vn |
Viet Nam News
BÀ RỊA–VŨNG TÀU — The southern Bà Rịa-Vũng Tàu Province has decided to scrap the proposed US$477 million Mỹ Xuân port saying its construction has been delayed for too long.
The developer, Taiwan’s Formosa International Development Corporation, received the licence in 2010.
The nearly 167ha port was to have had four wharfs and a yearly throughput of 1.1 million twenty-foot equivalent units and four million tonnes of goods.
But with Formosa finding it difficult to raise funds, it has not even acquired the required land, and has only completed the design, land survey and environmental impact assessment.
According to the provincial Department of Planning and Investment, as of June there were 94 projects running behind schedule, including 11 industrial parks and 38 housing projects.
The province’s administration has been urging local authorities to find out why projects have been delayed and what investors of the delayed projects have been doing with the lands allotted to them.
In the first half of this year, the province pulled the plug on six projects that were behind schedule or never got under way.
In May, it cancelled the licence for a 1.5ha petroleum and gas museum in Vũng Tàu City that had been approved in 2010.
Vietsovpetro, which had planned to build the museum, informed the province authorities last January it would be unable to go ahead with it due to lack of funds. — VNS
