Many projects in Vung Ang Economic Zone in the central province
of Ha Tinh have their investment licences revoked for the long delay or
According to the management board of Vung Ang Economic Zone, to date, the
zone has attracted 29 projects; but, up to nine of them have their investment
licences revoked, including four foreign-invested projects.
A project in Vung Ang Economic Zone has its
investment license revoked
projects operate in different areas, including coke coal production, iron and
steel production, equipment for heavy industries and mechanics.
Meanwhile, additional three projects in the zone with a total investment of
millions of US dollars will have their investment licences withdrawn due to
the mentioned-above same reason, including two foreign-invested ones.
Vung Ang Economic Zone is also home to several urban area and industrial
complex projects which also face many difficulties as Hung Nghiep Formosa Ha
Tinh Iron and Steel Co Ltd decided to postpone the official inauguration of
its first blast furnace which was earlier slated for June 25, 2016.
The delay was decided after Vietnamese authorities had demanded that the firm
to pay USD70 million in taxes it has been accused of having failed to pay.
The USD50-million Phu Vinh urban area and industrial complex project has been
unable to find investors to lease its facilities for industrial production so
that the investors can provide their products for the Formosa steel plant
nearby. However, the operation delay of Formosa has affected Phu Vinh urban
area and industrial complex project’s business plan.
Some other projects in Vung Ang Economic Zone are also in the same situation
with Phu Vinh because of the Formosa steel plant’s halt to operations.