Bac Giang to revoke slow-moving investment projects in its city
Bac Giang to revoke slow-moving investment projects in its city
The northern province of Bac Giang plans to revoke licences from several investment projects that are moving too slowly, according to the provincial Department of Planning and Investment.
One of the Bac Giang City projects is an expansion of a agricultural processing factory financed by Viet Nga Limited Co. Covering 6,600sq.m in Da Mai District, the VND13.45 billion (US$560,000) plant halted operation since 2012 due to its investor’s financial difficulties. The plant will have its investment certificate revoked if the investor fails to resume its operation before November, the department said.
The department added it will also request for an approval from the provincial People’s Committee to withdraw an investment licence of $17.8 million Ha Noi Prince hotel complex, developed by VINAPROD JSC, in Xuong Giang Street. The complex’s investor has yet to kick off the complex after receiving the licence in 2007.
Two other slow-moving projects - the Thang Long private school project invested by Duc Tri Education JSC and Anh Hong commercial and service complex fianced by Anh Hong Co - have received similar warnings from the department.
The city is currently home to 250 projects, including 29 foreign-invested, with a combined investment capital of more than $1 billion, department statistics reveal.
Bac Giang Province will create conditions to encourage businesses to boost investment, compensate for land clearance and hasten infrastructure construction.
It will enhance administrative transparency and strictly punish officials hampering enterprises.
Along with supporting investors in land clearance, the province promises to maintain dialogues with investors to address difficulties.
