Vietnam Investment News

Advertisements

Random Post

• Government to continue helping the poor to build houses
• Vietnam will restructure Vinashin
• Vietnam Jan-May trade gap surged to $5.37 billion
• Local retailer plans new outlets, overseas expansion
• More than $1 billion for expressway in Central Highlands
• Vietnam Hanoi reports first cholera patient in 2010

Vietnam Investment News

Vietnam Business » Vietnam Investment News » 8 FDI licences may be withdrawn

8 FDI licences may be withdrawn

Foreign direct investment (FDI) in the southern province of Ba Ria-Vung Tau had resulted in 27 projects totalling 2.3 billion USD being licensed so far this year, the provinces Department of Planning and Investment said.

However, issuing permits for foreign-invested projects didnt mean they would go ahead, and many had stagnated or were developing ineffectively, department director Le Kim Huong said. This had prompted a warning that licences would be withdrawn if action was not taken, she said. Permits had been issued for foreign-invested projects valued at 26.2 billion USD over more than 10 years but only about 20 percent of the total had been disbursed, she said. In the first seven months of this year, of the 2.3 billion USD licensed, only 650 million USD were disbursed, mainly for large projects, including a steel plant and a sea port. FDI disbursement in small and medium-sized projects, meanwhile, was only a trickle, she said. The province had told investors in foreign-invested projects to speed up their development or face withdrawal of their project licences, Huong said. Six project licences had already been withdrawn this year due to slow development or ineffective operation, she said. Licences were withdrawn for projects by the Republic of Korean s AJ Vietstar Construction and Development Ltd, Ajung Technical and Construction Ltd Company, V-Can Ltd Company, Con Dao Pearl Company, Imac Vietnam Ltd Company and Maxco Ltd Company. Huong said Ba Ria-Vung Tau province had improved its infrastructure to create favourable conditions for investors, especially in tourism projects. It also was attracting FDI to the industrial sector because of its sea port and technical infrastructure, Huong said. And a "one door" administrative procedure, making use of information technology, had helped cut red tape.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

More Vietnam Investment News:

• Foreign funds say Vietnamese typically overvalue their companies
• Entice investors by the siren song of the sea port
• Japan NTT Solmare Corporation bring digital comics devices in Vietnam
• Singapore increases investment in Vietnam
• Vietnam boosts investment in Cambodia
• More efforts to raise quality of overseas investments
• Quang Ngai province welcomes more investors
• $4.5 billion steel investment sparks MOIT-VSA debate
• Foreigners eye cheap labour
• VN remains attractive destination for Japan investors

Popular Vietnam Business News

Expand Da Lat city to 57000 ha

. The 16th meeting of the Da Lat City’s People’s Council on June 30, 2009 approved the plan to enlarge Da Lat City by 57,000 hectares in the next decade.

State to buy coffee to support price

Viet Nam harvested almost 1 million tonnes of coffee in 2009-10. Traditionally, coffee exports soar in the first and fourth quarters of the year. However, last year, domestic consumption slowed

Positive outlook for Binh Duong real estate market

The property market in southern Binh Duong Province has the potential to develop strongly and even match the major cities of Ha Noi and HCM City in the rental segment,

Vietnam gas pipeline project deal

A business cooperation contract on a gas pipeline project for Block B- O Mon was signed in Hanoi on March 11 by the PetroVietnamGas Corporation (PVGas), Chevron, MOECO (Japan) and

Vietnam has no rubber to sell while rubber price up

Natural rubber latex prices have been increasing steadily since the beginning of 2010. Yet even though the potential for profits is expanding, Vietnamese businesses have no rubber to sell.

International seminar on cashew trade in Binh Phuoc

An international consumer conference on the import and export of cashew nuts was held in Binh Phuoc province on March 22 in an effort to establish a global cashew nut

Viet Nam Gas Association has recommended the Ministry of Finance cut the import tax

The Viet Nam Gas Association has recommended the Ministry of Finance cut the import tax on liquefied petroleum gas (LPG) from the current 5 per cent to 2 per cent

Five ports named for imported cars

The five ports are: Cai Lan in Quang Ninh province, Hai Phong Port in Hai Phong city, Da Nang Port, HCM City Port and Ba Ria-Vung Tau Port. Customs declarations

Advertisement