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Dong Nai cancels 78 FDI projects since 2010

The southern province of Dong Nai has revoked the investment licences of 78 foreign direct invested (FDI) projects, worth over 332 million USD, since 2010, according to the province’s Industrial Zones Authority.
The southern province of Dong Nai has revoked the investmentlicences of 78 foreign direct invested (FDI) projects, worth over 332million USD, since 2010, according to the province’s Industrial ZonesAuthority.

Among them, Dong Nai stripped 51projects of their licences for failure to make sufficient progress. Mostof these were operated by investors from Asia, such as China and theRepublic of Korea.

To ensure a productive investmentenvironment, the agency conducts annual inspections to removeill-performing investors so as to give opportunities for more capableones.

At present, some 10 other FDI projects areunder inspection for failing to start construction more than one yearafter receiving a licence.

Statistics show that 430million USD has been poured into 30 new and existing projects in theprovince over the first quarter of 2014, up 7 projects and nearly 200million USD from a year before.

Most of the finance came from Japanese investors and flowed into support industries.-VNA
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