Foreign investment activities in Vietnam

According to Le Thanh, Secretary of the Haiphong Party Committee, issuing the approval to Nine Dragons Paper (Holdings) Limited to develop the project right after the firm expressed its intention was a rushed decision by the Haiphong People’s Committee, drawing the public’s ire, according to diendandoanhnghiep.vn.

Thus, the Haiphong Party Committee decided to withdraw the previous announcement and will organise a press meeting to issue an official opinion on the incident.

Previously at a working session with leaders of the Haiphong People’s Committee on July 5, representatives of Nine Dragons Paper (Holdings) Limited outlined its plan to develop a complex, including a paper manufacturing factory and a pulp mill with a total investment capital of $800 million.

The firm promised to equip the most modern manufacturing line, machinery, and wastewater treatment system for the complex.

At the meeting, Chairman of the Haiphong People’s Committee Nguyen Van Tung agreed with Nine Dragons Paper (Holdings)’ investment plan and stated that after having the environmental impact assessment report approved by the Ministry of Natural Resources and Environment, the city will assign departments and relevant authorities to support the investor to complete procedures for the license.

At the time, the leader of Sao Do Group, the investor of South Dinh Vu IZ, told local media that the group arrived to the IZ to study the investment place and stated that South Dinh Vu IZ would be an ideal place to develop the project.

Responding to the concerns over environmental pollution, the representative of Sao Do Group stated that the US and Finland also lure paper and pulp mill projects. The problem is the technology installed at the mills. In case the investors affirm equipping the most modern technology meeting the 4.0 standard of the European Union for the projects, they will be approved to develop the projects.