VNE: Capital withdrawal from the project of the complex building

Vietnam Electricity Construction Joint Stock Corporation (VNECO) has informed of capital withdrawal from the project of the complex building as follows:

On 12th October 2007, the Vietnam Electricity Construction Joint Stock Corporation and Ms. Ngo Kim Hue signed a cooperation contract to construct the project of high-storey complex building at Tan Tuc Commune, Binh Chanh Dist., HCMC with the land area of 80,352 m2. Total investment value was VND357.5 billion, in which VNECO contributed 90% and Ms Ngo Kim Hue contributed 10%. VNECO had transferred VND310 billion to the project.

According to the agreement of two parties about terminating the cooperation contract, Ms Ngo Kim Hue takes over the whole project. She will refund VNECO VND310 billion plus VND90 billion due to contract termination. Thus, Ms. Ngo Kim Hue has to pay total amount of VND400 billion to VNECO.

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