Dong Nai revokes licences of over 170 FDI projects

After 30 years, Dong Nai province has attracted nearly 1,550 projects in its industrial zones, with total capital of more than 25 billion USD (Photo: VNA)

Dong Nai (VNA) – The Industrial Zones Authority of the southern province of Dong Nai has revoked licenses of more than 170 foreign direct investment (FDI) projects due to slow progress of implementation since the Foreign Investment Law came into effect in 1988.

Those projects, which have combined capital of over 1.4 billion USD, accounted for only a small rate of total FDI projects in the province, according to the authority’s deputy head Mai Van Nhon.

After 30 years, the province has attracted nearly 1,550 projects in its industrial zones, with total capital of more than 25 billion USD.

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

As for those investors who failed to conduct their projects due to limited financial capacity and unexpected difficulties, the Industrial Zones Authority always worked with them to find out reasons behind the delay.

“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.

Dong Nai province has 31 industrial zones, with about 1,700 tenant businesses, of which 70 percent is FDI businesses, generating jobs for more than 564,000 workers.

According to the provincial Department of Planning and Investment, nearly 1.3 billion USD in FDI landed in the province in the first nine months of 2018, surpassing the yearly target by 30 percent.

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