The HCM City Export Processing and Industrial Zones Authority (Hepza) has said it will likely revoke the licenses of some 80 projects of both domestic and foreign investors this year due to long delays or ineffective operations.

A Hepza document obtained by the Daily says it will this month alone cancel eight slow-moving projects, having revoked investment licenses of seven projects in the first half of the year, including one foreign-invested project.

Hepza said the seven revoked projects were either ineffectively operating or having breached rules, such as illegal use of land for other purposes.

Hepza in its document also noted it might consider the tough stance against 54 foreign-owned projects and 11 domestic projects at industrial parks around the city that have been moving at a snail’s pace.

“Hepza will continue working with the investors of these stagnant projects and if the investors fail to prove their competence to carry out the projects, all of these projects will be done away with in the rest of the year,” said Hepza.

Meanwhile, the watchdog is also considering granting investment certificates for several projects that are environmentally friendly.

At the moment, 13 industrial parks and export processing zones around the city have attracted nearly 1,200 projects with total registered capital of $4.9 billion. These include 710 domestic projects with registered capital of $2.1 billion.