VietNamNet Bridge – Experts have warned about the existence of ‘bogus’ investment projects, in which investors register investment just to get land plots.
The Chu Lai Economic Zone (EZ) and the Dien Ban coastal tourism area in Hoi An ancient town, the two key economic zones in the central region, are considered as fully occupied with investment projects. However, in fact, many of the registered investment projects are just ‘bogus’ projects as they just exist on paper.
“Achievements” of Chu Lai
In July 2005, Chu Lai EZ announced on the occasion of the 2nd anniversary of its establishment that 116 projects totaling nearly $1.4bil were registered, of which, 66 were licenced. The projects were expected to cover an area of 1,982 ha. At that time, investors were promoting seven other big projects with the total capital of $1.3bil.
 | | Investors of four projects have been appropriating land to exploit titanium in Chu Lai; the expired licences have not been revoked | The projects were mainly in the fields of industry, tourism, services, including 33 foreign invested projects, and 83 domestically owned ones.
On the occasion of the 2nd anniversary of Chu Lai EZ establishment, provincial leaders stated that the starting period was over, and Chu Lai entered the new period of speeding up. The figures about investment in Quang Nam changed rapidly, and in December, the number of registered projects rose to 128, capitalised at $1.5bil, including the 72 licenced projects. By the end of the last year, 84 projects had been licenced.
However, the picture of the Quang Nam investment turned out to be not as bright as previously thought. In May 2007, the new management board of the Chu Lai EZ checked the investment projects in Chu Lai and found out that only 51 investment projects were registered, totaling $618mil, and only 43 of them were licenced. There are only 23 operational projects, including the ones which began operating before the Chu Lai EZ was established.
In fact, the other 77 projects were discovered as being ‘bogus’ projects. A series of projects have not been implemented, while the management board cannot make contact with registered projects’ investors, as it can not find any addresses or telephone numbers.
Tourism complex with idle land
Coastal areas from Da Nang to Hoi An ancient town in Dien Ban district and Hoi An town have been projected to become the key tourism area. Beginning calling for investment in 2001, the ‘golden area’ was said to be fully occupied just two years later with 30 registered tourism investment projects.
In fact, only five projects have become operational to date: Victoria tourism complex, Agribank, Golden Sand, Palm Garden and The Nam Hai. The 208 ha land area which has been allocated to investors remains idle. Other projects have not been kicked off yet. Investors just set up a fence around the allocated land plot, leaving the land idle.
Experts said that many of the registered projects were just ‘bogus’ projects, and investors registered investment just to get land from the State. The investors may use the land to make capital contributions to other projects, or do other things to seek self-interests. | Statistics showed that 47 programmes using 2,192 ha of land remains ‘pending’, while land has been allocated to 51 investment projects, but the projects have not been implemented yet. 18 other projects are in the site-clearance period, but the project implementation period proves to be very slow. | (Source: Lao dong) | 
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