Hanoi authorities said they would drop foreign direct investment (FDI) projects that are behind schedule or where investors are found to be unable to follow through on commitments.
More than 70 percent of FDI projects in Hanoi in first quarter focus on real estate sector
By the end of 2014, Hanoi had attracted 3,169 projects with a combined registered capital of USD26.3bn by investors from 63 countries and territories. Total capital disbursement was USD11.3bn, or 52 percent of total registered capital.
In the first quarter of this year, Hanoi approved a further 80 FDI projects worth USD160.2m.
The municipal Department of Planning and Investment said 12 projects have yet to start due to planning-related issues, while eight had encountered problems with site clearance and 13 projects had met with other difficulties.
Nguyen Ngoc Tuan has asked local departments and relevant agencies to work out solutions to support investors.
To that end, the Department of Architecture Planning will examine the city’s planning regulations and make a response to investors in May, and the Site Clearance Board will try to resolve problems with land use so projects can get back on schedule.