FDI tourism zone licenses revoked
The central province of Phu Yen has revoked licenses of two foreign direct investment (FDI) tourism projects worth US$50 million for delays in implementation.
Invested by Varella Ltd Company, the US$37.5 million Hon Nua island eco-tourism zone project was licensed in March 2008, and the US$11 million Tuy Hoa coastal hotel and resort zone project was approved in October 2009.
The Department of Planning and Investment had extended the deadline to December last year, but the two projects still have not been implemented.
The province revoked the investment deposit of the Hon Nua island eco-tourism zone project worth US$124,807 and added it to the State Budget.
This year, Phu Yen Province has revoked five projects with total registered capital of VND1.58 trillion (US$74.51 million) for delays in implementation, mostly due to disagreement in site clearance compensation.
Last year, the province nullified nine projects with total registered capital of VND1.24 trillion (US$58.29 million), mostly tourism, real estate, mineral and hydro-power projects.