After continual delays, northern Vinh Phuc province has officially revoked the investment license for the group's electronics factory.
The investment certificate for the Foxconn Technology Group’s project to build a $200 million factory for electronics and computer assembly was revoked in June, according to the Vinh Phuc Investment Promotion Agency (IPA).
A representative of the northern province’s IPA told VET that the company has not developed the project since receiving the investment certificate in February 2008. Vinh Phuc had repeatedly warned the company about the delay.
The project was officially licensed together with a project to construct the Binh Xuyen Industrial Zone 2, with capital of $25 million. The province expected the area to become a center for electronics manufacturing and Foxconn was to complete its factory and put it into operation in 2009.
Foxconn, however, repeatedly asked for construction to be rescheduled. The revocation shatters the expectations of local authorities and citizens, as the project was to create jobs and revenue for the province.