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Vietnamese premier orders inspection of projects developed by Hanoi-based corporation

Wednesday, June 13, 2018, 07:45 GMT+7
Vietnamese premier orders inspection of projects developed by Hanoi-based corporation
The model of a real estate project developed by La Vong Corporation in Ha Dong District, Hanoi. Photo: Tuoi Tre

Vietnamese Prime Minister Nguyen Xuan Phuc has ordered an inspection of a series of projects developed by a corporation in Hanoi due to multiple signs of violations.

PM Phuc tasked the Government Inspectorate, the Ministry of Construction, and the Ministry of Natural Resources and Environment with conducting examinations of the projects implemented by La Vong Group and its subsidiaries across the capital.

The decision was made after a report on many non-transparent signs at the projects was submitted by the municipal People’s Committee.

The report highlighted information exposed by local media, which indicated that La Vong and its companies had been given many valuable land plots in Hanoi to carry out real estate and traffic infrastructure projects under the BT (build-transfer) contract.

A BT contract is a deal signed between a competent state agency and an investor to build an infrastructure facility, which the investor shall transfer to the state upon completion.

In return, the investor will be provided with favorable conditions to implement other projects to recoup their investment and earn profits, or receive payments as agreed in the deal.

According to the report, some of the land parcels allocated to La Vong were not given via a compulsory bidding process, which is necessary to choose the most suitable and competent developer for a project.

Results of the inspection were required to be submitted to the central government prior to December 1. 

Suitable penalties will be imposed if any violation is detected.

Founded in 2003, La Vong Group specializes in trade and services, financial investment, and construction.

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Duy Khang / Tuoi Tre News

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