Binh Dinh revokes investment license from $1 billion Russian manufacturing project

By HQ online, Tuan Dam   April 6, 2016 | 06:04 pm GMT+7

Binh Dinh province has withdrawn one of the largest ever foreign direct investment (FDI) licenses granted in Vietnam from Buscenter Met Ltd. (Russia) after three years of delays.

The Nhon Hoi Economic Zone Administration announced the decision to suspend the license for a $1 billion project to assemble and produce spare parts for buses, agricultural machinery and support services.

binh-dinh-revoked-investment-license-of-1-billion-russian-project-on-bus-manufacturing

Nhon Hoa Economic Zone in Binh Dinh province. Photo: Worldtravel

Bus Industrial Center Co.’s plant covers 50 hectares in the economic zone, but its license has been revoked due to prolonged delays since the project started in 2013.

The central province also recently revoked the investment license of another FDI project worth $109 million from Germany’s Viettracon Co. and Switzerland’s Green Venture Invest AG, also due to delays.

The partners were due to develop a wind farm covering 600 hectares. The project was licensed in 2014 and was scheduled to go into operation this year.

According to Binh Dinh’s portal, as of the end of 2015, the central province was home to 61 FDI projects with a combined capital of $1.8 billion.

 
 
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