Hanoi: The Vietnam National Shipping Lines (Vinalines) has had its investment license for the Van Phong port project revoked as it has failed to implement the project according to the initial plan.

The Van Phong port project was approved in 2007 with the investment capital of VND3.126trn, Vinalines joined the project in 2009 and raised the investment capital to VND6.177trn. However, the project has been in suspension after one year of implementation with only 10% of the planned works done.

Another major project in the Van Phong Economic Zone developed by Sao Mai-Ben Dinh Investment Company, a subsidiary of PetroVietnam, has also been suspended.
The Van Phong Economic Zone was believed to serve as the driving force to boost the development of the central region’s economy. Till now 126 projects with a total investment capital of $12.5bn have been registered to be developed in the zone. However, only 5% of the capital has been implemented.