Vietnam's government has decided to develop an industrial park on the site where a now revoked US$9.8 billion steel complex was to be built.
The 1,000-hectare project in the south central province of Ninh Thuan will be included in a list of industrial parks that need to be given the priority, the government said in a statement on its website late last week.
The new project is replacing the $9.8-billion Ca Na steel complex, a joint venture between state-owned shipbuilder Vinashin and Malaysia's Lion Group, which had its license revoked in February due to delays in construction.
Investors broke ground on the project in late 2008 but then no construction was carried out.
Ninh Thuan officials said the project's site is very accessible, which will make it an attractive area for businesses.