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Long An Province pulls the plug on tardy investment projects

Update: December, 04/2020 - 17:39

 

Long An Province has cancelled the licences issued to 41 projects that were progressing too slowly or unable to continue. – Photo nld.com.vn

LONG AN – Long An Province has recalled licences issued to 41 projects with a combined investment of US$71.2 million so far this year.

Consisting mostly of manufacturing and housing projects areas, they were cancelled due to reasons like slow progress, investors wanting to cease their projects, and economic challenges due to COVID-19.

Huỳnh Văn Sơn, director of the province Department of Industry and Trade, said they included 17 FDI projects.

He told Người Lao Động newspaper that while scrapping the projects could negatively impact official revenues and jobs, Long An is seeking to “improve the investment climate and create opportunities for other interested investors.”

Officials have been instructed to appraise and rescind projects that are behind schedule.

The department has told investors to make periodic reports on their progress.

The province has set up an online management system to help investors make regular updates.

Investors also have to publicise information about their projects at the project sites, such as identity, project scale and progress unless they are in industrial parks and clusters.

According to the People’s Committee, projects that fail to progress on schedule will be scrapped except for those that are eligible for deadline extensions. – VNS

 

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