Quang Ngai Provincial Industrial Zones Authority says it has recently revoked 19 projects earlier licenced to invest in the province’s industrial zones of Tinh Phong and Quang Phu due to their procrastination, causing enormous watses.
Little has been done for Forest Product Processing Factory Project, a revoked project owned by Nhon Nghia Company, since it was licenced in November 2004. And it estimated that over VND 2 billion has been wasted due to its falure to use 1.6 ha of land reserved for the company.
The Authority also reveals the Provincial Gopvernment has stipuleted that an amount of 10% of the land rent be deposited as security for the licenced project to be realized. In case the project fails to be implemented after 12 months since it is licenced, the said amount shall be confiscated and the licence be revoked.
Some investors are assumed they plan to have their projects licenced just to occupy the land for speculation.
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