Ministry of Planning and Investment: Ha Tinh exceeded the Government's authority to grant a 70-year license to Formosa.

On July 31, a representative of the Ministry of Planning and Investment affirmed that the Ha Tinh Provincial People's Committee's signing of a 70-year land lease to Formosa was against regulations and beyond its authority.

Formosa Factory - Ha Tinh (Illustration photo)

Accordingly, the time of granting the investment certificate to Formosa (June 2008) was decentralized to the locality, in accordance with the provisions of the 2005 Investment Law. Article 52 of the 2005 Investment Law clearly states: The duration of a foreign-invested project is consistent with the project's operational requirements and shall not exceed 50 years; if necessary, the Government shall decide on a longer duration for the project but not exceeding 70 years.

However, the Vung Ang Economic Zone Management Board signed a land lease contract on February 6, 2009 with Formosa Company with a land lease term of 70 years and one-time land lease payment.

This is against the regulations and beyond the authority. Therefore, it is necessary to review the entire licensing process for Formosa and the responsibility of the People's Committee of Ha Tinh province.

According to Tienphongonline