The Lang Co Bay in the central province of Thua Thien - Hue. Provincial authorities have agreed to revoke the investment licences of eight projects near this area. — File Photo

THUA THIEN – HUE (Biz Hub) — The authorities of this central province have agreed in principle to revoke the investment licences of eight projects in the Chan May–Lang Co Economic Zone.

According to Dien dan Doanh nghiep (The Business Forum), the licences of these projects are being revoked as their investors are neither ensuring project progress, nor paying deposits legally required for implementation.

The projects include an underwater sports club of the Dao Ngoc Tourism JSC, a mechanical factory of the Chan May Mechanical Manufacturing Company Ltd, an eco-resort of the CIT Construction Investment and Tourism JSC, and a resort and golf course complex of the Lap An Investment and Development Company Ltd.

The other projects are an urban infrastructure work of the Viet Long–Hue Investment JSC, a mechanical processing plant of the Dong A Steel Company Ltd, a villa complex of the Handico Investment Construction and Interior Decoration JSC, and a resort of the Pegasus Fund 2-LLC Viet Nam Company.

The provincial People's Committee has asked the management board of the economic zone to review some other projects that are showing tardy progress, to decide whether they should be terminated to ensure the efficient use of investments. — VNS