Vung Ang Economic Zone have licenses revoked
The revoked projects operate in different areas, including coke coal production, iron and steel production, equipment for heavy industries and mechanics.
Meanwhile, additional three projects in the zone with a total investment of millions of US dollars will have their investment licences withdrawn due to the mentioned-above same reason, including two foreign-invested ones.
Vung Ang Economic Zone is also home to several urban area and industrial complex projects which also face many difficulties as Hung Nghiep Formosa Ha Tinh Iron and Steel Co Ltd decided to postpone the official inauguration of its first blast furnace which was earlier slated for June 25, 2016.
The delay was decided after Vietnamese authorities had demanded that the firm to pay USD70 million in taxes it has been accused of having failed to pay.
The USD50-million Phu Vinh urban area and industrial complex project has been unable to find investors to lease its facilities for industrial production so that the investors can provide their products for the Formosa steel plant nearby. However, the operation delay of Formosa has affected Phu Vinh urban area and industrial complex project’s business plan.
Some other projects in Vung Ang Economic Zone are also in the same situation with Phu Vinh because of the Formosa steel plant’s halt to operations./.
Many projects in Vung Ang Economic Zone in the central province of Ha Tinh have their investment licences revoked for the long delay or ineffective operations.
A project in Vung Ang Economic Zone has its investment license revoked
Recommended

Vietnam News Today (May 22): Stronger Vietnam-Israel Cooperation Expected in Science, Innovation and Labor
Vietnam News Today (May 22): Stronger Vietnam-Israel cooperation expected in science, innovation and labor; Vietnam commits to protecting people's health; Vietnam’s administrative reforms earn praise from African ambassadors; Singapore partners with Vietnamese travel platform to woo tourists.
May 22, 2025 | 08:52

Vietnam News Today (May 21): Vietnam Attends UN Commission on Crime Prevention and Criminal Justice's 34th Session
Vietnam News Today (May 21): Vietnam attends UN Commission on Crime Prevention and Criminal Justice's 34th session; Nha Trang tops Agoda’s list of best slow travel destinations in Vietnam; President Ho Chi Minh’s legacy inspires Vietnamese in Cuba; Vietnam among Singapore's 15 largest tourist source markets.
May 21, 2025 | 09:04

Deep Affection of International Friends
The great revolutionary thought and career, the exemplary life, and the timeless influence of President Ho Chi Minh represent a precious legacy and a distinctive symbol. They have crystallized into spiritual values embraced by people of many nations around the world.
May 20, 2025 | 08:58

Vietnam News Today (May 20): Hanoi Named Top Cultural, Artistic Destination in Asia
Vietnam News Today (May 20): President Ho Chi Minh’s legacy remains ever-present in Argentina; Vietnam targets stronger presence in US$2 trillion Halal market; Top leaders pay tribute to President Ho Chi Minh; Hanoi named top cultural, artistic destination in Asia.
May 20, 2025 | 08:56
Popular article

Vietnam News Today (May 19): Norway Hails Vietnam’s Continued Emphasis on Upholding International Law
Vietnam News Today (May 19): Vietnam, Austria promote cooperation in high technology, innovation; Norway hails Vietnam’s continued emphasis on upholding international law; Vietnam explores agricultural partnerships in Germany; Vietnamese students win first prize at Codeavour 6.0 International in Qatar.
May 19, 2025 | 08:13

Vietnam News Today (May 18): Cannes 2025: Vietnam Rising as New Destination for International Filmmakers
Vietnam News Today (May 18): Vietnam, US promote negotiations on reciprocal trade agreement; Cannes 2025: Vietnam rising as new destination for international filmmakers; Vietnam, China launch new cross-border tourism route; Mexico expects to soon upgrade ties to a Strategic Partnership with Vietnam.
May 18, 2025 | 06:16

Vietnam News Today (May 17): Vietnam and United States Boost Financial Cooperation
Vietnam News Today (May 17): Vietnam and United States boost financial cooperation; Vietnam, Senegal enhance cooperation across key sectors; Vietnam and Thailand elevate ties to Comprehensive Strategic Partnership; Communist parties of Vietnam, UK tighten relations.
May 17, 2025 | 07:23

Strengthening Vietnam-Thailand Relations: Toward Greater Substance and Effectiveness
The official visit to Vietnam by Thai Prime Minister Paetongtarn Shinawatra marks a significant milestone in bilateral relations between the two countries. It marks the first Joint Cabinet Meeting between the two prime ministers in 10 years, underscoring a strong political commitment and determination to deepen bilateral cooperation in a more substantive and sustainable manner.
May 16, 2025 | 09:16