Dong Nai revokes licences of over 170 FDI projects
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.
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 southernprovince of Dong Nai has revoked lice🌜nses of more than 170 foreign directinvestment (FDI) projects due to slow progress of implementation since theForeign Investment Law came into effect in 1988.
Those projects, which have combined capital of over 1.4billion USD, accounted for only a small rate of total FDI projectsin the province, according to the authority’s deputy head Mai Van Nhon. After 30 years, the province hasattracted nearly 1,550 projects in its industrial zones, with total capital ofmore than 25 billion USD. “After receiving investmentregistration certificates, most foreign investors quickly disbursed capital,import machinery and equipment and build workshops, which usually takes one ortwo years and then start production and business,” said Nhon. As for those investors who failed toconduct their projects due to limited financial capacity and unexpecteddifficulties, the Industrial Zones Authority always worked with them to findout reasons behind the delay. “If enterprises are still determinedto do business in the province, we will extend licences for them. As forinvestors who give unreasonable reasons and deliberately delay, we willresolutely revoke licences and give this opportunity to other businesses,” saidNhon. Dong Nai province has 31 industrialzones, with about 1,700 tenant businesses, of which 70 percent is FDIbusinesses, generating jobs for more than 564,000 workers. According to the provincialDepartment of Planning and Investment, nearly 1.3 billion USD in FDI landed inthe province in the first nine months of 2018, surpassing the yearly target by30 percent. From January to September, Dong Nailicenced 81 new FDI projects worth 605 million USD and allowed 77 others to addan extra 694 million USD.-VNA
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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) 
