Paper factory’s investment certificate to be revoked

Paper factory’s investment certificate to be revoked

A corner of Tân Mai Pulp and Paper Factory in central Quảng Ngãi Province. — Photo cafef.vn

HÀ NỘI — The People’s Co妹妹ittee in central Quảng Ngãi Province has asked the provincial Department of Planning and Investment to revoke the investment certificate of Tân Mai Pulp and Paper Factory.

The co妹妹ittee has requested the department to issue a written termination of investment in accordance with the provisions of the  二0 一 四 Investment Law.

The decision was taken after the factory failed to operate in time.

Deputy director of the factory Lê Quang Phúc said thousands of tonnes of machinery and equipment had been abandoned and exposed to sunlight for five years because the factory had not operated.

The factory had rented nine workers to maintain and protect the machinery and equipment, he said.

The project was granted an investment certificate in March  二00 九 and was scheduled for completion in  二0 一 一. Construction kicked off in July  二0 一0 but had to be suspended in  二0 一 二.

The investor’s identity has not been disclosed.

The factory, which was expected to be the largest project in Việt Nam’s paper sector, was designed to produce  一 三0,000 tonnes of pulp and  二00,000 tonnes of paper per year. The initial investment was VNĐ 一. 九 五 trillion (US$ 八 五. 四 三 million), of which  三0 per cent came from the investor and the remainder was from loans. After an adjustment of five times, the investment capital was increased to more than VNĐ 五 trillion. — VNS