Termination of 334 billion VND high-tech agricultural project

SGGP 11/09/2023 09:09

Head of the Management Board of the High-tech Agricultural Zone of Phu Yen province, Nguyen Van Hung, has decided to terminate operations, revoke certificates and adjust investment registration from 2019 for the Fam - Phu Yen High-tech Agricultural Project of FLC Biscom Agricultural Company Limited.

On November 8, Head of the Management Board of the High-Tech Agricultural Zone of Phu Yen province Nguyen Van Hung decided to terminate operations, revoke certificates and adjust investment registration from 2019 for the Fam - Phu Yen High-Tech Agricultural Project of FLC Biscom Agricultural Company Limited.

The reason for the investment termination is that the investor is unable to overcome the conditions for suspension of operations according to the Investment Law. According to the documents, the above project was granted the first investment registration certificate on February 20, 2019, the first change certificate on August 16, 2019, with a scale of 93.99 hectares and a total capital of VND 334 billion (2 phases).

The project's objective is to organize the cultivation and production of clean, safe quality vegetables and fruits; preserve, pre-process, and process agricultural products using new and advanced technology. On September 14, 2022, FLC Biscom Agricultural Company Limited requested to reduce the project scale from 93.99 hectares to 26.65 hectares, but when asked to report on financial capacity for 2 years, this unit could not provide it but only submitted the financial report of the owner, FLC Homes Real Estate Development and Investment Joint Stock Company.

Thus, after more than 4 years of formation, the project is still just a vacant lot.

Source