Lao Cai province people’s committee decided on December 14 to halt performance of the four sluggish projects in the northeast of Sapa Dist.

These are the two investment projects of complexes of hotels, restaurant and recreation areas; a 100-hectare golf course projects with Saigon Tourism Corp as the main investor, and the resort complex project located in the northeast of Sapa Town, with Sapa PetroVietnam Insurance JSC as the main investor.

Previously, the local authority had issued official documents to halt performance of 33 investment projects, and to allow 16 projects to extend their investment progress until December 31, 2009, and the other six projects to continue being carried out. The main reasons for stop carrying out the projects were because the investors failed to conduct the research works and prepare for the application profile in order to submit to the functional authorities for approval in time. As for the extended projects, if the investors cannot submit the projects’ profiles to the local Department of Planning and Investment before December 31, 2009 to apply for investment certificate, the projects will become invalid.

Pham Van Cuong, vice chair of Lao Cai province people’s committee stated that in the near future, the local authority would continue check the implementation progress of those projects that have already received investment licences. If the investors fail to prove their capacity to carry out the projects as committed, the local authority will revoke the certificates in accordance with the state laws.