Da Nang will revoke stagnant coastal projects if developers fail to resume construction as committed.

(Photo kinhtedothi.vn)

Secretary of the municipal Party Committee Nguyen Xuan Anh said the project would be revoked if the developer failed to implement or resume construction after 24 months from the date the developers signed the commitment.

Statistics of the People’s Committee show there are 50 coastal projects in the city, 13 of which are foreign-invested.

Among them, 8 projects are stagnant and 16 have not been implemented yet.

Developers of several stagnant projects signed commitments to resume construction within 24 months.

Municipal People’s Council Vice Chairman Nguyen Nho Trung said slow land clearance was among the reasons for slow progress.

(Source: VNS)