Long An cancels 18 projects over slow progress

13:45 | 13/07/2019 Economy

Authorities in the Mekong Delta province of Long An have so far this year revoked licences of 9 domestic and 9 foreign-funded projects due to their sluggish progress.

Illustrative photo - Source: VNA

The projects use a total of 10ha of land, of which 5.5ha were occupied by the foreign-funded investors.

The revoked foreign-invested projects had combined investment capital of 24 million USD, while that of domestic ones hit 282 billion VND (12.14 million USD).

Nguyen Van Tieu, Director of the provincial Department of Planning and Investment, said in addition to ending the operation of several projects, Long An pays attention to create favourable conditions for investors via various investment promotion activities.

Last year, Long An issued licences to 90 new foreign direct investment (FDI) projects with a combined capital of 450 million USD, thus maintaining its leading position in FDI attraction in the Mekong Delta region.

In the first six months of 2019, the province attracted 115 domestic projects worth over 10.94 trillion VND (471.24 million USD), 49 projects and 4.9 trillion VND higher than that of the same period last year. There were also 58 new foreign-invested projects licensed, with their registered capital totalling 208.6 million USD.

Theo VNA