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Province casts eye on slow projects
The central province of Quang Nam was determined to revoke investment licences from slow-moving projects, especially in the tourism sector, said the provincial People's Committee Chairman, Le Phuoc Thanh.
The latest report by the provincial Planning and Investment Department revealed that investors had registered 33 tourism projects in Dien Ban District and Hoi An Ancient Town, which had a huge potential for tourism development.
Nine of those projects had already been started, while the remainder were delayed, mainly due to complications regarding land clearance and compensation, said the Department Director, Nguyen Van Tri.
The province would remove obstacles facing investors and call for closer co-ordination from local authorities and relevant departments to facilitate the projects, Thanh said.
Last year, the province revoked investment licences from five resort projects, including the US$4.15 billion Dragon Beach Complex – once viewed as the largest project ever in the central and Central Highland regions.
Despite favourable conditions created by provincial authorities, developers had failed to start projects on time, due to financial problems, said Le Tri Thanh, Head of the committee's Investment Promotion and Business Support Department.
Previously, the province had concentrated only on attracting as much foreign direct investment as possible, rather than monitoring the quality of projects or the financial capacity of investors, Thanh admitted.
Director of the Ministry of Planning and Investment's Foreign Investment Agency Do Nhat Hoang said that the cases in which local authorities had revoked investment licences were those in which the investors had faced difficulties in raising capital or obtaining finance during the recent economic crisis.
The authorities had extended licences, despite numerous delays, but eventually revoked them from slow-moving projects without legitimate reasons for delays.
vietnamnews
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