A graphic image of Soai Rap Industrial Park in the Mekong Delta province of Tien Giang. Photo: VNA
The government has decided to transfer a major industrial park in the Mekong Delta province of Tien Giang to the local authority after its manager, PetroVietnam's construction subsidiary PVC, failed to attract investors.
After acquiring Soai Rap Industrial Park, Tien Giang will find investors to fill up the park, which has taken over 285 hectares of forest and farm land.
The project has so far cost more than VND1.48 trillion (US$65.46 million), according to media reports.
It was originally designated a shipbuilding complex with state shipbuilding company Vinashin as the operator.
However, the debt-ridden company, which was restructured into the Shipbuilding Industry Corporation in 2013, had kept delaying the project since 2007.
In November 2010, PetroVietnam's construction subsidiary PVC took over the project and turn it into an estate of oil and gas companies. But it failed to attract other companies, except for one that produces oil pipes, local media reported.