Multi-billion dollar projects, approved in ‘red-carpet’ period, lose licenses
After joining WTO, Vietnam laid the red carpet out to welcome foreign investors with huge investment projects worth billions of dollars. But some of these projects never started or have lost licenses. Ca Na was one of the projects in the ‘FDI golden age’ when 11 multi-billion dollar projects were licensed with total registered capital reaching a record high of $64 billion. Many of the 11 projects have seen investment licenses revoked. These included the Thu Thiem Software Park project capitalized at $1.2 billion, and the culture park registered by Good Choice USA-Vietnam capitalized at $1.3 billion.
