Hepza revokes seven investment licences

News - Seven investment projects with total registered capital of $23.62 million have lost their licences this month due to long delays.

The projects, which were licensed by the Ministry of Planning and Investment from 1995 to 1997, include chemical producer ICP-Chemquest Joint Venture, Vietnam Scissors Co. Ltd, A Chau-Phuc Tuong Motorbike Spare Part Company, and Saigon South Concrete Joint Venture.

The remaining three projects licensed by Hepza from 1998-2003 are Kingvic International, Asia Polytec Company and Dai Thang Co. Ltd

Some of the projects were not at all carried out while others were half-done but their investors had left the country, according to Nguyen Tan Phuoc, vice head of the Hepza Authority.

Statistics show about ten projects have not yet got off the ground at the city's export processing zones and industrial parks but the whereabouts of their investors are unknown, and that these projects occupy about two hectares.

"From now to the end of the year, Hepza will continue to look into the remainder of the 90 projects planned for inspection this year. We will revoke the licences of those delayed for a long time or facing financial constraints," Phuoc said.