Weaknesses in infrastructure were slowing down disbursement, says Cao Viet Sinh, Deputy Minister of Planning and Investment.
Ho Chi Minh City, among the country’s top recipients of foreign direct investment (FDI) saw only US$400 million disbursed out of the US$7 billion commitment. An official from the Municipal Department of Planning and Investment says that project delays are mainly attributed to slow progress in land acquisition and residential compensation.
In Ba Ria-Vung Tau province, the Viet Company-invested US$500 million steel project is still on the pipeline because the local administration has not given the investor enough land for construction.
Le Minh Chau, head of the Ba Ria-Vung Tau Industrial Park Authorities, says that he has no choice but to withdraw the license of Qian Ding Samoa Co.Ltd. (Taiwan) as the company’s capital disbursement is slow going. In 2005, the company’s US$700 million stainless steel mill project was considered a “super project” in the province, but it is still on paper.
FIA head Phan Huu Thang says there is disparity between registered and actual FDI capital after expansion, but affirms “it is normal as large projects need more time”. However, he says the growth rate is satisfactory, showing a rise of 43 percent compared to the same period last year.
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