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Phu Quoc Island revokes 12 tourism projects   2009-06-23 - TN

 
 
   
Phu Quoc District Chairman Pham Vu Hong said Tuesday that the Kien Giang Province People’s Committee had revoked construction licenses on a total of 12 tourism projects due to their slow progression.

 

Among the 12, one was a foreign direct investment project while the rest were invested in by local companies.

According to authorities, despite several deadline extensions, the projects failed to show substantial progression.

All other investment projects in the district will be up for review again soon and investors will face having their licenses revoked for any delays.

Phu Quoc Island has approved 33 projects over the last several years on a total of around 1,800 hectares of land and 174 projects have been approved in principal on a total of 8,000 hectares.

To date, however, only five projects have come online with two others set to begin operations in the near future.

According to authorities, space clearance and land delivery remain the primary reasons for slow project implementation.



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