A car assembly line of a Vietnamese automaker. (Photo: www.chulaicomplex.vn)
The Nhon Hoi Economic Zone Authority of the central province of Binh Dinh has revoked the license of Bus Industrial Center Company, run by Russia’s Buscenter Met Co., for delaying in kick-starting a $1 billion car parts manufacturing plant, the Saigon Times reported.
Bus Industrial Center Co. was set up in April 2013 to build a plant that would assemble and produce spare parts for buses and agricultural machinery on an area of 50 hectares in Nhon Hoa Industrial Park.
This is the largest foreign direct investment (FDI) project that the province has licensed so far.
This central province has recently recalled the license of a $109-million wind-to-power project, granted to Germany’s Viettracon Co. and Switzerland’s Green Venture Invest AG, also for retard start.
The power project, licensed in 2014, would be built on an area of 600 hectares. The plant has a designed capacity of 61.1 megawatts and is scheduled for operation this year.
As of the end of 2015, the central province was home to 61 FDI projects, with a combined capital of $1.8 billion, according to its mouthpiece baobinhdinh.com.vn.