Dong Nai revokes 40 delayed, abandoned FDI projects

Dong Nai revokes 40 delayed, abandoned FDI projects

The Industrial Zone Management Board of southern Dong Nai Province has revoked investment permits granted to 40 FDI projects that have been abandoned or delayed for a long time.

According to Mai Van Nhon, deputy head of the board, the revoked projects have total investment of over US$300 million.

Nearly 1,300 projects, worth over $25.8 billion, from 44 countries and territories are valid in Dong Nai.

Since the beginning of 2017, the board has been working hard to review the status of projects located in industrial zones, Nhon said, adding that the investment permit of any project that exceeded the 12-month limit set for disbursement will be withdrawn.

The move indicates the determination of the province to exclude incapable investors from the industrial zones and speed up disbursement of licensed projects.

Nhon added the province has given priority to projects that apply advanced technologies and use fewer workers and those in the support industry. It has also called for more investment in district-level industrial parks.

In 2016, Dong Nai granted investment licenses to 100 FDI projects, 50 per cent of which were located in rural mountainous districts, such as Dau Giay, Suoi Tre, Long Khanh and Nhon Trach 3 industrial parks.

The province is currently home to 32 industrial parks and attracts some $2 billion in FDI annually.