9:40:25 AM | 5/9/2008
The northern province of Hai Duong has decided to revoke investment licenses of five foreign-invested enterprises worth a total capital of US$31.1 million due to their sluggish implementation of project, the Vietnam Economic Times reported.
The largest project among those is a US$16-million project to produce sanitary porcelain products by Taiwan’s Shijar Ltd. Co at Cam Dien, Cam Giang district, followed by South Korean-invested Dong Nam Vina’s US$5.6 construction material project at Nam Sach district.
Other projects are by the Samoan-invested ChiaoLei Industry Company, Taiwan’s Thuy Hong Ltd. Co. and South Korea’s Dunan Stationery.
As of late July this year, Hai Duong province licensed 310 projects totaling over US$2.2 billion, ranking the 11th among localities nationwide in terms of FDI attraction, according to the local Vietnam Investment Review.
The northern province has set a target to entice an additional US$1 billion FDI by 2010. It is now home to seven industrial parks covering 1,500 hectares. (Vietnam Economic Times, VIR)