Home Economy

Da Nang pulls plug on slow projects

Sep 4th at 11:06
04-09-2013 11:06:58+07:00

Da Nang pulls plug on slow projects

The central city of Da Nang has decided to revoke two development projects which have been plagued by persistent delays.

A total of US$180 million was to be invested in total for the projects – a public park and an underground car park – in the city's downtown area.

The developer Vien Dong Land Corporation was granted construction permission in 2008, but no progress has been made since a ground-breaking ceremony took place five years ago.

The city instructed the Department of Natural Resources and Environment to withdraw the two projects to make room for other investors and developments.

"The city will halt more delayed projects following final decisions at a meeting of the city's Party Committee and the People's Council," said department director Nguyen Dieu.

"We'll release a full list of delayed projects that will be revoked this month."

According to an unofficial survey, the city has 30 slow-moving projects.

The city has attracted 259 FDI projects worth $3.62 billion in total.

Meanwhile, last month 210 domestic businesses registered total investment capital of VND388 billion or $18.5 million.

vietnamnews

MOST READ

NEWS SAME CATEGORY

Manufacturing sector shows greater stability
ECONOMY Sep 4th at 11:06

Manufacturing sector shows greater stability

The Purchasing Managers' Index survey for August released yesterday by HSBC Vietnam signalled a near stabilisation in the country's manufacturing sector.

Beeline failure stings foreign players
ECONOMY Sep 3rd at 14:02

Beeline failure stings foreign players

Vietnam’s telecom market has been characterised by cut-throat price competition, according to a newly released report on the Southeast Asian telecom market by...

South Korean firms underline their social responsibilities
ECONOMY Sep 3rd at 14:01

South Korean firms underline their social responsibilities

Corporate social responsibility is becoming more familiar in Vietnam, with Korean businesses at the forefront.

HCM City accuses MPI of sapping its business registration network
ECONOMY Sep 3rd at 13:59

HCM City accuses MPI of sapping its business registration network

The Ministry of Planning and Investment (MPI) has forced HCM City authorities to stop running its business registration system via Internet to use the system...

FIEs threaten to leave Vietnam for neighboring markets
ECONOMY Sep 3rd at 13:57

FIEs threaten to leave Vietnam for neighboring markets

A lot of foreign invested associations have warned they are considering leaving Vietnam for the more attractive markets, like Cambodia or Myanmar.

Outstanding brands awarded
ECONOMY Sep 3rd at 13:46

Outstanding brands awarded

The Gold Star Awards (Sao Vang Dat Viet) were presented to outstanding Vietnamese brands and businesses in Ha Noi yesterday.

Committee proposed to regulate State firms
ECONOMY Sep 3rd at 13:33

Committee proposed to regulate State firms

The Ministry of Planning and Investment would like to set up a committee in charge of managing and supervising State-owned enterprises (SOEs) in an effort to...

Innovation vital for global business
ECONOMY Sep 3rd at 13:31

Innovation vital for global business

With the economy not recovering and natural resources running out, innovation and creativity have become imperative for businesses globally, experts said.

VN moves on copyright violations
ECONOMY Sep 3rd at 13:26

VN moves on copyright violations

The Asia Pacific Director of the Business Software Alliance (BSA) Tarun Sawney has praised Viet Nam's efforts in cracking down on copyright violations in a meeting...

Can Tho pursues industrial park development
ECONOMY Sep 3rd at 13:24

Can Tho pursues industrial park development

Despite struggling to attract new investments, Can Tho has decided to speed up construction of industrial parks, hoping investors will return when the global...

Read More

MOST READ

Back To Top