VIETNAM has licensed nearly as many Hong Kong investment projects in the first seven months of this year as in all of last year, but money from the territory is proving slow to arrive. Hong Kong investors won licences for projects valued at US$390.1 million by the end of July, boosting total pledged investment in the country to $1.57 billion, according to Vietnam's State Committee for Co-operation and Investment (SCCI). Last year, Vietnam licensed 38 Hong Kong projects worth $402.7 million. But only $201 million in investment has actually arrived in Vietnam, according to the Vietnam Investment Review , which is published by the SCCI. Hong Kong, the second largest investor after Taiwan, has also seen the largest withdrawal rate. Hong Kong investors in 45 projects worth $211.92 million cancelled their licences. Most cancellations resulted from the foreign partners' failure to raise the capital required to carry out joint-venture projects, to which the Vietnamese partners often supply land as their contribution. The territory has been active in the area of hotels and tourism, with two companies - Omni and New World Hotels - running or completing large properties in Ho Chi Minh City.