Hai Phong revokes investment licences of 8 FDI projects

26-Aug-2008 Intellasia | Thoi Bao Kinh Te Vietnam page 3 | 7:01 AM Print This Post

On August 23, Hai Phong City People’s Committee decided to revoke the investment licences of eight FDI projects worth total US$55 million with many disadvantages in financial strength, projects with wrong investment purpose, or slow implementation.

The eight projects are of World Top Vietnam Ltd Co (joint venture with Korea), Do Son Golf Course Industrial Zone (joint venture with California Investment Group Ltd from British Virgin Islands), Ngoc Son Garment Ltd Co, Tan Hai Garment and Accessories Co, Kwong Hai Garment Ltd Joint Venture Co with Hong Kong, Earth Care Vietnam-Hai Phong L.L.C Co (joint venture with US).

Among these, some investors used those projects to borrow domestic banks’ loans to serve other purposes or transfer bank loans to another to earn difference.


Category: Business

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