Vietnam axes US$200mln plant project as Taiwanese giant dawdles
Authorities in the northern province of Vinh Phuc have recalled a license for a US$200-million factory invested by the world's largest electronics manufacturer Foxconn, local media reported on July 9.
The Taiwanese company, which has partnered with many giants including Apple and BlackBerry, had failed to kick-start the project licensed in 2008, the management board of Vinh Phuc economic zones were quoted as saying.
It is not immediately clear why the project has stalled.
Under Foxconn's initial plan, the factory would go into operation in 2009, manufacturing electronics, computers and mobile phones.
Previously, local authorities allowed Foxconn's subsidiary Fuchuan Co., Ltd. to scale down another project to build infrastructure at an economic zone, with the design area reduced by almost 10 folds to nearly 50 hectares, news website Saigon Times Online reported.
The rest of the economic zone was later given to Japanese-owned Sumitomo Corporation.