Russian project’s licence revoked due to delays
The management board of the Nhon Hoi Economic Zone in the central coastal province of Binh Dinh has revoked the investment certificate issued to a Russian bus manufacture project due to its delay in implementation, Phan Cao Thang, deputy head of the board said.
Thang, who is also the provincial People Commitee’s deputy chairman, said the project, owned by Russia’s Buscenter Met Company Ltd, was meant to assemble and manufacture bus parts and agricultural machines.
"The construction is expected to be finished in three years. However, it is now at a standstill," Thang said.
The project was the foreign direct investment project that had the largest-ever capital in the province.
Local authorities said the province always provided the best conditions for investors to do business, but it would withdraw licences of projects that have been delayed. The withdrawal of licence is aimed at helping other investors get an opportunity to do business in the province.
Under the licence granted in April 2013, the US$1 billion project was to be built on 50ha in Nhon Hoa Industrial Park in An Nhon township.
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The project was the foreign direct investment project that had the largest-ever capital in the province.
Local authorities said the province always provided the best conditions for investors to do business, but it would withdraw licences of projects that have been delayed. The withdrawal of licence is aimed at helping other investors get an opportunity to do business in the province.
