In the first seven months of this year, the southern province of DongNai revoked investment licences from eight foreign direct investment(FDI) projects with a total registered capital of 86 million USD, theVietnam Investment Review reported.
Deputy Director of theManagement Board of Dong Nai’s Industrial Zone Authority Mai Van Nhonconfirmed that all of the projects had been delayed for more than 12months and failed to resume despite the authority’s warnings.
“We are considering revoking the investment licences from another 47 delayed projects ” he was quoted as saying.
Some delayed projects lack even the adequate financing to buildoffices, which has made it difficult for the authority to contact theirrepresentatives.
One example is the Dinh Quan IndustrialZone-based Kyung Rim Vina Ltd. Although it signed an initial contractwith an infrastructure firm, the company returned its land and stoppedits operations as of May 2014, but hasn’t yet closed its tax code.
Accordingto the Management Board of Dong Nai’s Industrial Zones, many FDI firmsfailed to pay tax and social insurance. For example, Nhon Trach 1-basedC&H Vietnam Ltd shut down, but still had a tax code and owing morethan 800 million VND (38,000 USD) in social insurance.
In 2013,Dong Nai revoked investment licences from 17 of 30 non-operating FDIfirms. “Dong Nai’s investment policy is to fully support productiveprojects that make contributions to the provincial budget and createjobs for local people,” Nhon underscored.-VNA
Deputy Director of theManagement Board of Dong Nai’s Industrial Zone Authority Mai Van Nhonconfirmed that all of the projects had been delayed for more than 12months and failed to resume despite the authority’s warnings.
“We are considering revoking the investment licences from another 47 delayed projects ” he was quoted as saying.
Some delayed projects lack even the adequate financing to buildoffices, which has made it difficult for the authority to contact theirrepresentatives.
One example is the Dinh Quan IndustrialZone-based Kyung Rim Vina Ltd. Although it signed an initial contractwith an infrastructure firm, the company returned its land and stoppedits operations as of May 2014, but hasn’t yet closed its tax code.
Accordingto the Management Board of Dong Nai’s Industrial Zones, many FDI firmsfailed to pay tax and social insurance. For example, Nhon Trach 1-basedC&H Vietnam Ltd shut down, but still had a tax code and owing morethan 800 million VND (38,000 USD) in social insurance.
In 2013,Dong Nai revoked investment licences from 17 of 30 non-operating FDIfirms. “Dong Nai’s investment policy is to fully support productiveprojects that make contributions to the provincial budget and createjobs for local people,” Nhon underscored.-VNA
