Vietnam Likely to Revoke License of US$700-Mln Steel Project
Vietnamese authorities will likely withdraw the investment license of Samoa Qian Ding Group to build a US$700-million steel mill in southern Ba Ria-Vung Tau province, said the Investment newspaper published by the Ministry of Planning and Investment.
The newspaper attributed the withdrawal to stagnant construction.
Chairman of Vietnam Steel Association Pham Chi Cuong said that the project was licensed from November 2005 but Samoa Qian Ding Group had done nothing as of late 2007.
Cuong cited the association’s investigation results saying that Samoa Qian Ding Group was unable to pay for its consultative company and its after tax profit in 2006 was at US$5.25 million. (Investment,
www.antd.vn))
Vietnamese
