Vinh Phuc revokes investment certificate of development project

Thursday, Nov 26, 2015 17:40

The master plan of the Ba Thien industrial park in Vinh Phuc province. Aunthorities of the northern province have recalled the investment cerificate of an infrastructure project for this industrial park because its construction was behind schedule. —  Photo

HA NOI (Biz Hub) — Authorities in the northern Vinh Phuc Province have revoked the investment certificate of an infrastructure development project for Ba Thien industrial park in Binh Xuyen District.

The licence, granted to Compal Viet Nam Ltd, a subsidiary of the Taiwanese group Compal in 2007, was cancelled because its construction project was behind schedule.

The project had a total registered capital of US$76.59 million and covered an area of 327ha.

Though the project received the investment certificate several years ago, it had completed only a few tasks such as site clearance, several roads and wastewater treatment and water drainage systems.

Some businesses want to invest in the park, but the province lacks land with developed infrastructure. The province will now give the licence to another investor who is able to develop the infrastructure as soon as possible. — VNS

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