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Two super-projects, two super-conglomerates, one investigation
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| The place reserved for the thermopower plant | Tien Phong, in a recent report, investigated the fate of two super-projects developed by two super-conglomerates. The two conglomerates are owned by two famous people listed as part of the top 10 richest stock millionaires in 2009.
Since 2008, despite the economic downturn, two investment groups, Saigon Investment Group (SGI) and Tan Tao Investment Industry Corporation (ITA) and their subsidiaries have begun a series of mammoth projects in many provinces nationwide, which have the investment capital of up to thousands of billions dong. However, implementation has not made any progress since then.
The HCM City-based ITA Group, in the last few years, got the licenses to invest in many projects in Kien Giang province. Two of the projects are the ones on a new urban area on Hai Au island, and Kien Luong thermopower project.
Nothing has been done after their noisy ground-breaking ceremonies
In early 2008, ITA appeared in Kien Giang province with a huge project stirring up the public, under which an artificial island would be created on the territorial waters west of Rach Gia City. Despite the lack of the detailed project and some necessary procedures, the group still organized a ground breaking ceremony on May 19, 2008.
The Hai Au island urban area was designed in the shape of a gull flapping its wings towards the sea. The urban area was expected to cover an area of 199.7 hectares. About 4000 residents will settle down on the area of 53 hectare, while the remaining area would be reserved for high grade resort, park, hotel, cultural works and trade services. The estimated investment capital was 1488 billion dong, and the project was expected to be completed after nine years of construction.
However, two years after construction started, the artificial island remains a seascape. The representative office of ITA Group on Lac Hong Road in Rach Gia City rarely opens. The billboard advertising Hai Au island stands is weed-covered.
Also in 2008, the Government allowed ITA Group to develop the Kien Luong thermopower project in Kien Giang province, which was expected to have the capacity of 4400-5200 MW and the deep water transit port on Nam Du archipelago, capitalized at $7.7 billion.
Contracts were signed in Hanoi on April 8, 2008 between ITA Group and the US Black & Veatch (Relating to the thermopower project), Chinese FHDI (Relating to the seaport) and PECC 2, a Vietnamese consultancy company. This was thought to be the biggest thermopower project in Vietnam so far assigned by the Government to a non-state group.
At that time, experts hoped that the investment project would pave the way for new solutions to electricity shortages. Meanwhile, residents in the Mekong Delta hoped the power-seaport project would develop the local economy.
The Kien Luong thermopower plant was planned on an area of 555.9 hectares. The seaport to be built on Nam Du archipelago will serve as the place through which coal will be carried to the power plant. It was expected that 10-11 million tons of coal will be consumed a year. The first phase of the project was expected to become operational in 2013-2014, while the second phase in 2015-2016, and the third one on 2017-2018.
At first, the power plant was planned to start in late 2009, but was delayed to April 30, 2010. However, to date, the project has not begun. During that time, a lot of changes transpired.
Jimmy Tran, Chief Representative of the branch of ITA Group in Kien Giang, has left for the US. Leaders in Kien Giang province said the group has changed its staff since May 20, 2010, but has not made any official report to provincial authorities.
The debts and the changes
Though Kien Luong power plant project has not been officially kicked off, the land dredging for site clearance has been implemented. Residents report that, prior to April 30, 2010, a lot of motorbikes and boats arrived in the project areas. However, they have all gone.
Le Thi Kim Chau, Director of Chau Phat Company, told Tien Phong newspaper that ITA owes nearly eight billion dong to her company and Chau cannot contact them to ask for payment.
“I could not contact Dang Thi Hoang Yen, Chair of ITA. Our company signed contract with the Vietnam Urban Development Company, whose Director was Jimmy Tran, but he has left for the US. I could not find anyone from ITA Group since 2010. We have been told that Vu THi Nga has replaced Jimmy, but I also could not contact Nga.”
Meanwhile, Cao Minh Hung, Director of Duc Van Company in Vung Tau City, has submitted a petition to the police, saying ITA Group still owes 36 billion dong to his company.
Bui Ngoc Suong, Chair of Kien Giang provincial people’s committee, in the interview given to Tien phong newspaper, said that he thought the investor has financial problems.
When asked about the fate of the super-projects, Suong said the provincial authorities have assigned Pham Vu Hong, Deputy Chair of the provincial authorities to check the projects
vietnamnet, Tien phong
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