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BÀ RỊA-VŨNG TÀU — The People’s Committee of Bà Rịa-Vũng Tàu Province has decided to stop operation of the Mỹ Xuân General Port project in Mỹ Xuân Ward, Phú Mỹ Town, due to slow construction.
The provincial People’s Committee has requested Hồng Quang Construction and Real Estate Investment JSC, an investor of the project, complete procedures to end the investment project in accordance with existing regulations.
The Mỹ Xuân International General Port project has not yet completed site clearance and has not secured land use right certificates. Development is lagging eight years behind schedule due to the investor’s inability to provide adequate capital.
Therefore, the Department of Planning and Investment proposed the provincial People’s Committee consider revoking the investment licence.
The port was granted an investment certificate on March 18, 2010 by the provincial People’s Committee. With a total investment of US$447 million, the project was expected to have four wharves and the capacity to receive four million tonnes of cargo per year. — VNS
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