More than 170 foreign direct investment (FDI) projects have been revoked licences due to slow progress of implementation in the southern province of Dong Nai since the Foreign Investment Law came into effect in 1988.

According to deputy head of Dong Nai Industrial Zones Authority (DIZA) Mai Van Nhon, the figure occupied a small rate of total FDI projects in the province.

Nhon said after 30 years of opening up to attract FDI, dozens of countries and territories had invested nearly 1,550 projects in industrial zones in Dong Nai, with total capital of more than US$25 billion.

“After receiving investment registration certificates, almost foreign investors quickly disbursed capital, import machinery and equipment and build workshops, which usually takes one or two years and then come into production and business,” said Nhon.

As for several investors, who failed to conduct their projects due to limited financial capacity and unexpected difficulties, will receive support from the province, said Nhon adding that the DIZA always worked with investors to find out the reason.

“If enterprises are still determined to do business in the province, we will extend licences for them. As for investors who give unreasonable reasons and deliberately delay, we will resolutely revoke licences and give this opportunity to other businesses,” said Nhon.

The province has 31 industrial zones, with about 1,700 businesses operating in, of which 70 per cent is FDI businesses, generating jobs for more than 564,000 workers.

According to the provincial Department of Planning and Investment, nearly US$1.3 billion in FDI landed in the province in the first nine months of 2018, surpassing the yearly target by 30 per cent,

From January to September, Dong Nai licenced 81 new FDI projects worth $605 million and allowed 77 others to add an extra $694 million. — VNS