Saturday, August 19, 2017 - 5:06:45

Provinces pull the plug on slow projects

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Inefficient projects in the provinces of Lam Dong and Kien Giang have had their permissions of investment revoked, according to the provincial People’s Committees.

The People’s Committee of Central Highland Lam Dong province has revoked permission of investment from 33 domestic projects, including 24 projects that have already been granted investment licences with a total charter capital of 7.4 billion VND (352,380 USD).

The majority of those projects have not been implemented as scheduled or lacked workers, the People’s Committee said.

Those projects are mainly in the hydropower, tourism and forestry sectors. Some have already received extensions from the committee but investors have failed to live up to their commitments.

Many investors had been fined billions of dong for damaging forests, the committee said.

Lam Dong expects to withdraw investment permission from 44 other projects next year.

Meanwhile, Kien Giang has also withdrawn investment permission and land use rights from seven projects in Phu Quoc and Kien Luong.

Those projects have been implemented slowly with insufficient investment capacity, and land has not been used in line with development plans approved by the Prime Minister. Most of them are in the tourism, property, forestry and farming sectors.

Kien Giang has already withdrawn investment licences from 13 projects using farming land for inefficient or inappropriate use and slow development./.

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