Authorities in the central province of Binh Dinh have revoked the license of a US$1-billion auto project, after its Russian investor delayed construction work for about three years, news website Saigon Times Online reported Tuesday.
Licensed in April 2013, Buscenter Met Company's project was to develop a factory producing spare parts for buses and trucks, it said.
The investor promised to start construction within 45 days after getting the license, but it never did.
It was the biggest project from Russia to be licensed in Vietnam before being canceled.
Besides the auto project, the province's authorities also revoked the license of a $109-million wind power plant by German and Swiss investors. It has been delayed for nearly two years, according to the website.
Commenting on the tough actions, the People's Committee of Binh Dinh said it always welcomes investors and gives them "the best conditions for investment."
But those who fail to execute their projects as committed need to give their places to others, the authority was quoted as saying in a statement.