The unfinished billion dollar project of Ms. Dang Thi Hoang Yen sister

The unfinished billion dollar project of Ms. Dang Thi Hoang Yen sister

Ms. Dang Thi Hoang Yen is one of the few entrepreneurs who have been members of the National Assembly. Her business and her brother Dang Thanh Tam owned many large-scale projects, but recently most of the unfinished, stagnant. Along with that is Yen’s silence.

Kien Luong Thermal Power is one of the largest projects of Tan Tao Investment and Industry Corporation (ITA) of Tan Tao Group, chaired by Mrs. Dang Thi Hoang Yen.

The project has a scale of 4,400-5,200 MW, invested nearly 7 billion USD.

Approved by the Government in January 2008, Kien Luong Thermal Power Project is expected to start in late 2009 and come into operation in 2013.

However, up to now the project has the capital “terrible” is still stuck in place.

Faced with this situation, Kien Giang authorities and the Ministry of Industry and Trade have made several moves to completely eliminate the project: either continue to develop, or stop,

long.

The People’s Committee of Kien Giang province said that the delays of the Kien Luong Thermal Power Project caused considerable socio-economic damage to the province, affecting both the Electricity Scheme VI … However, for many years

Through it, ITA always asserted that this company is capable of carrying out the above projects.

In the minutes of the AGM 2016, ITA said it is working with the investor actively to negotiate with partners to speed up the project.

Unit 1 is expected to operate and generate electricity by August 20124.

Apart from Kien Luong Thermal Power Plant, Ms. Dang Thi Hoang Yen’s sister also has a series of other projects, but also stagnant.

Most recently, the project of Binh Dinh Power Center was invested by Sai Gon – Binh Dinh Energy Corporation (invested by Dang Thanh Tam), with a total investment of 7.5 billion

USD, also Binh Dinh People’s Committee issued documents withdraw.

The project was proposed in 2009 on an area of ​​250ha in Phu Cat District, Binh Dinh Province with a total capacity of 5,200 MW.

Or, the project of Vina Universal Paradise – Commercial Area – invested by Vina Cinema – Tourism Investment JSC (subsidiary of Tan Tao Group) as the investor with nearly 1.2 trillion VND in Son Tinh

(Quang Ngai) with hundreds of adjacent houses, bungalow villas, … are also inactive.

According to the “ultimatum”, Tan Tao will have to make an official document on what to choose: to continue, transfer or return to Quang Ngai province (recovered) before September 30, but information about the problem

This topic has not yet been announced.

Most of the projects of Saigon Invest Group (SGI) and Tan Tao, associated with the name of Dang Thanh Tam and sister Dang Thi Hoang Yen, are published very loudly.

In the period of 2008-2009, when the economy was facing many difficulties due to the crisis, Yen’s projects and Mr Tam still broke ground.

Mr Dang Thanh Tam.

However, the prolonged stagnation of the project has caused great hardship, especially to the people who have land recovered and have no land to produce.

It can be seen that the prolonged delays of the terrorist projects are quite close to the recent closure of Dang Thanh Tam and the almost silent silence of Dang Thi Hoang Yen in recent years.

Along with that is the difficulties, debt and restructuring process of the hard work of these companies.

In fact, socialization of investment in many sectors, including electricity, is the policy of the state.

According to EVN, Vietnam currently has a shortage of electricity and needs about $ 40 billion to invest in development in 2016-2020.

The entry of SGI or Tan Tao is very timely.

Unfortunately, the size of the electricity projects that these private corporations are aiming for is too great, while the potentials of these enterprises are not adequate and have invested a lot of real estate projects.

other.

ITA has total assets of about 13 trillion VND, but the Kien Luong Thermal Power Project requires nearly $ 7 billion (about 150 trillion dong).

Therefore, the company wants to be guaranteed by the Government to borrow foreign capital and want to buy electricity subsidized mechanism from EVN.

But both are difficult to solve in the face of rising public debt and EVN is moving towards a competitive electricity trading market.

The government can not guarantee loans for long lines of private projects.

Meanwhile, these companies are also operating difficult.

For the first 6 months of 2016, ITA recorded a decline of 70% yoy and only reached 15% of its full year target.

Profits plummet.

Total debt of ITA by the end of the second quarter reached nearly 2.5 trillion, … of which the overdue unpaid.

Compared with the common ground, Dang family is the leading financial resources in Vietnam.

However, with persistent difficulties and the ongoing restructuring process, funding for projects can be drastically reduced.