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Vietnam Real Estate Market News

Vietnam Business » Vietnam Real Estate Market News » Delayed projects may lose licences

Delayed projects may lose licences

Construction projects that are delayed, behind schedule or managed improperly will have their licences revoked by the HCM City Export Processing and Industrial Zones Authority (HEPZA).

Hepza is currently reviewing 90 projects, most of which received licences one to two years ago, to identify the rate of progress and solve difficulties, if any, faced by investors.

It will withdraw licences of projects that have stayed idle since the day they were licensed or are not financially viable.

Because of the global economic downturn last year, some investors faced financial difficulties and suspended construction of their projects.

But with the economic recovery, many investors have recently resumed construction of their factories and other facilities.

Still, many of them have failed to start their projects, despite having received licences during a period from 1996-2003.

During the first six months of the year, HEPZA said it had revoked licences of six foreign-invested projects and one domestic project. Total investment capital was US$12.36 million.

Currently it is making plans to cancel another seven foreign-invested projects, with a combined investment capital of $23.62 million covering 7.91ha, said Nguyen Tan Phuoc, deputy head of HEPZA.

Investors, who paid deposits for land rental before being granted licences, will lose the deposit if they fail to start their project on schedule.

The revoked land will be granted to projects that are environmentally friendly or to investors who have sufficient financial competence to carry out their projects, Phuoc said.

Since 1991, HEPZA has revoked investment licences of 87 domestic projects and 95 foreign ones, equivalent to total investment capital of $453.95 million.

As of June 30, 13 industrial parks and export processing zones in the city have attracted 1,187 projects with total registered capital of $4.9 billion. These include 710 domestic projects with registered capital of $2.1 billion.

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

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