VietNamNet Bridge – Twelve projects in the Nhon Hoi Economic Zone have had their investment certificates revoked, while the Chan May – Lang Co Economic Zone Board of Management is planning to revoke certificates of nine projects.

Nguoi Lao Dong, in an article published in January 2015, reported that the Dung Quat Economic Zone (EZ), which was hoped to be the driving force behind the development of local economies in the central region, remains a deserted land with sparse population density.

Pham Nhu So, deputy chair of Quang Ngai provincial People’s Committee, said the provincial authorities had stopped 12 investment projects in Dung Quat by July 2014, because the investors had not implemented the projects as scheduled.

Meanwhile, the other 23 projects have been slow in implementation.

The same situation can be found at other EZs throughout the country.

Thirty-five investment certificates granted to investors in the Nhon Hoi EZ in Binh Dinh province are still valid, with total investment capital of VND27.041 trillion. Eleven of them have become partially operational.

Meanwhile, 12 other certificates have been revoked by the EZ Management Board. These include the Nhon Hoi Port project registered by Vinalines, a bonded warehouse of Gemadept and the Hon Ngoc Viet tourist complex of a Russian investor.

Nguyen Ngoc Toan, deputy head of the Nhon Hoi EZ Management Board, said many projects have not been implemented as initially planned because of the recession.

As for the Vinh Hoi tourism complex, the investor has met difficulties in site clearance, which has hindered the construction process. The bonded warehouse project also cannot proceed because it is related to the Nhon Hoi Port project developed by Vinalines, which has yet to take any action.

Meanwhile, the investors of two wind-power projects still cannot mobilize capital needed for the projects, because they cannot persuade banks to provide loans if the Electricity of Vietnam (EVN) promises to buy electricity at low prices.

The investor of the Phuc Son – Binh Dinh clinker grinding factory delayed the project because of the economic recession, which has led to a decrease in demand for cement.

“They (the investor) plan to resume the project implementation after the Nhon Hoi port is built, because this would help reduce transport costs,” Toan explained.

The Chan May – Lang Co EZ Management Board has revoked investment certificates of five projects with total registered capital of VND4.659 trillion and covered land area of 755 hectares.

Ho Huy Hinh, chair of the management board, noted that most of the pending and revoked projects are in the fields of services, tourism and industrial zone infrastructure.

Dat Viet