Hanoi may revoke investment licenses of 17 projects

Hanoi authorities will immediately revoke the license granted to the project on building offices for lease at No 55 Le Dai Hanh street invested by Hai Ba Trung Realty Joint Venture. In fact, the joint venture is making necessary formalities to be dissolved.

Meanwhile, the validity of the project on building the 0.39 ha headquarter and showroom for Phuong Bac Construction Technology Company in Co Nhue commune, Tu Liem district, may be extended by the Hanoi Department for Natural Resources and the Environment.

The investors of the other 15 projects have to report about the project implementation process to Hanoi authorities. The reports, which must be submitted prior to January 31, 2008 at the latest, must clarify the reasons behind the slow project implementation.

The 15 projects include the 0.12 ha houses and offices invested by the Construction, Installation and Building Material Company No 5; the 0.3 ha office area invested by Duong Bien Materials Import-Export Company; the 0.956 ha hotel by Hanoi Real Estate Trading and Construction Company; the 0.947 ha workshop by Han San Company Ltd; and the 0.28 ha head office by Thang Long branch of the Bank for Investment and Development of Vietnam (BIDV).

If Hanoi authorities revoke the licenses of all the said 17 projects, it will take back the total land area of 21.263 ha.