Vietnam orders status report on large FDI projects

TN News

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The Ministry of Planning and Investment has ordered foreign investors of projects with capital of more than US$1 billion to submit a progress report by next Thursday.

The status of real estate projects that cover more than 50 hectares of land as well as mining projects will also need to be reported, the ministry's Foreign Investment Agency said.

The reports are expected to cover important issues concerning financing, labor and environmental impacts.

According to the agency, the ministerial order was necessitated by the slow pace of most major foreign-invested projects.

Among the 100 largest projects that have been registered, 16 have a capital of more than $1 billion.

Some provinces have taken strong action against delayed projects this year.

The central province of Quang Nam, for instance, in May canceled a $4.15 billion resort project as the investor had failed to complete the required investment formalities.

A $200 million real estate project invested by South Korea's AJ Vietstar Co has also been revoked by the southern province of Ba Ria-Vung Tau due to lack of capital.

Foreign direct investment to Vietnam totaled $11.57 billion in the first eight months, down 12.3 percent from a year ago, according to official statistics.

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