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three projects in the zone with a total investment of millions of US dollars will have their investment licences withdrawn due to the mentioned-above same reason, including two foreign-invested ones.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./.