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Binh Dinh revokes $1 billion auto project

Released at: 14:45, 07/04/2016

Binh Dinh revokes $1 billion auto project

South-central province moves after Russian project fails to start.

by Luong Nhi

The Management Board at the Nhon Hoi Economic Zone in south-central Binh Dinh province has decided to revoke the investment license of a Russian automobile project following long delays.

The project had registered capital of $1 billion and was licensed three years ago but is yet to get underway.

Russia’s Buscenter Met Company Ltd planned to establish a 50 ha factory in the zone to manufacture and assemble automotive parts and agricultural machinery.

It had the largest registered capital at the zone. The Management Board has also recently revoked the investment license for a wind power project belonging to Viettracon Management and Investment Limited Company (Germany) and Green Venture Invest AG (Switzerland), which was licensed in 2014 with investment capital of $109 million on an area 600 ha.

Provincial leaders emphasized that the province will continue to provide the best possible conditions to investors with better investment capacity.

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