Vietnam finally brings out the axe to deal with delayed FDI projects
Many did not expect the central province of Khanh Hoa to axe a giant property project early this month, only less than a year after its Indian developer received the investment license.
The province refused to give Dewan International Vietnam more time to find money, canceling the ambitious yet controversial beachfront project that was set to take over 14 hectares of Nha Trang. The company had missed two deadlines, in January and June, to put at least VND420 billion (US$19.26 million) into the project.
This is the first time local authorities have made such a quick move to cancel a foreign-invested projects.
