The provincial Department of Planning and Investment said five foreign direct investment (FDI) projects with total registered capital of US$42 million have lost their investment certificates. They comprise Corsair Marine Co., Ltd. with capital of US$20 million, Charm Industrial Co., Ltd. with US$10 million, S&P Vietnam Co., Ltd. with US$6 million, Cantech Vina Co., Ltd. with US$4.9 million, and a branch of Full Power Co. with US$1 million.
The department is also fielding suggestions from other departments before petitioning the provincial government to revoke the investment certificate of IDICO, the investor of the foot-dragging Tam Phuoc 2 Industrial Zone project.
The tough stance by the provincial government sends a clear message of make-it or break-it to investors, and also help boost disbursements, especially among foreign-invested projects.
In fact, foreign direct investment (FDI) disbursements in the first six months of this year are forecast to amount to US$570 million, up 9.8% year-on-year.
Besides, in the first half of the year, the province also either revoked investment licenses or withdrew its approvals in principle for six domestic investors including Phu Hoa resort project by ADP Phu Hoa Joint Stock Co., a resort and villas project by Phuoc Long Enterprise, and an industrial zone project by An Trung Construction Joint Stock Co.
According to the department, it is reconsidering other slow-moving projects before proposing the provincial government to withdraw their licenses.
The department will work with the investors of these delayed projects and if the investors fail to prove they can move forward with their projects, all of these projects will be done away within the rest of the year.
In the first six months of this year, the province licensed 12 FDI projects worth more than US$468 million.
Saigon Times