A series of 'huge' bid packages in Hoa Binh province have been awarded to Hoang Son with 'super low' savings.
According to the investigation of the Journalist & Public Opinion newspaper, Hoang Son Energy - Construction - Trade Joint Stock Company (Hoang Son Company) is located at Group 01, Tan Thinh Ward, Hoa Binh City, Hoa Binh Province. In recent years, this enterprise has continuously won a series of large bid packages with a total of more than 50 bid packages with a total value of over 12,000 billion VND. Among them, many bid packages are concentrated in Hoa Binh Province, with the winning bid price close to the estimated price.
Hoang Son Energy - Construction - Trade Joint Stock Company has won a series of "huge" bids in Hoa Binh with "trickle" savings rates.
During the period 2018 - 2022, Hoang Son Company has been a name that has appeared many times in large bidding packages of the Project Management Board for Investment and Construction of Agricultural and Rural Development (A&RD) projects in Hoa Binh province. The total value of the bidding packages that Hoang Son Company has participated in with this investor is up to about 500 billion VND.
Specifically, in 2018, Mr. Nguyen Anh Hong - Director of the Project Management Board for Investment and Construction of Agricultural and Rural Development Works of Hoa Binh province signed Decision No. 198/QD-BQL approving the selection of Hoang Son Company as the contractor of Package No. 22: "Urgent treatment against drought, embankment against landslides, dredging and clearing the flow of Boi River, Hoa Binh province (Component project 1)".
This bid package has an estimated price of over VND 96,930 billion. Hoang Son Company won the bid with a price of over VND 96,859 billion, saving VND 71 million for the State budget, with a savings rate of only 0.073%.
In 2021, Mr. Nguyen Anh Hong continued to sign Decision 319/QD-BQL-KHDT approving the selection of Hoang Son Company as the contractor of Package No. 20: "Construction and installation of equipment for landslide treatment items in areas of Groups 4, 5, 6, Cham Mat Ward, Group 4, Thai Binh Ward".
The estimated price of this bid package is up to 40,295 billion VND, Hoang Son Company won the bid with a price of 39,998 billion VND. The winning bid of this company saved the State budget about 297 million VND, a saving rate equivalent to 0.73%.
Most recently, Hoang Son Company was also named in the consortium that won a "huge" bid of over VND317 billion from the Project Management Board for Investment and Construction of Agricultural and Rural Development Works in Hoa Binh Province. The winning bid price of this consortium was VND316.727 billion, saving the State budget VND318 million, equivalent to a savings rate of 0.1%.
Also during this period, Hoang Son Company also won another hundred billion VND bid, invested by the Management Board of Construction and Restoration of Agricultural and Rural Development Works of Hoa Binh Province. Specifically, in September 2021, Mr. Nguyen Huy Nhuan - Director of the Department of Agriculture and Rural Development of Hoa Binh Province signed Decision 728/QD-SNN approving the selection results of Bid Package No. 10: "Construction of works; under the Project to urgently overcome landslides in Group 15, Dong Tien Ward, Ngoc 2 Residential Group, Trung Minh Ward and Hoa Binh 3 Bridge Section, Hoa Binh City".
This bid package has an estimated price of 338.761 billion VND, the consortium of Hoang Son Company won the bid with a price of 338.457 billion VND. The winning bid price saved the budget 304 million VND, the savings rate is at a "super low" level, equivalent to 0.089%.
Recently, Hoang Son Company has also participated in and won a number of "huge" bid packages in many different locations. For example, on December 22, 2023, the Deputy Director of the Hanoi City Civil Construction Investment Project Management Board signed Decision 1111/QD-BQLDADD selecting this Company's consortium to win "Bid Package No. 32" with an estimated price of up to nearly VND 1,009 billion. The winning bid price was more than VND 1,006 billion, saving more than VND 2.8 billion for the State budget, equivalent to a savings rate of 0.278%.
Then, on February 28, 2024, in Decision 1209/QD-UBND dated February 28, 2024, Mr. Doan Van Dong - Chairman of Phu Giao District People's Committee (Binh Duong Province) approved the consortium of Hoang Son Company to win the bid for the Construction package of phase 2 of the project "Construction of the road from Tam Lap bridge to Dong Phu, belonging to the North Tan Uyen - Phu Giao - Bau Bang force route", with an estimated price of 95.693 billion VND. The winning bid price was more than 95.659 billion VND, saving only 34 million VND for the State budget, equivalent to a savings rate of 0.03%.
Most recently, this company is participating in the bidding for the Construction and Installation package invested by the Project Management Board for Investment and Construction of Civil and Industrial Works of Hoa Binh Province. This package is priced at 42.088 billion VND, Hoang Son Company is bidding at 41.246 billion VND.
Thanks to winning many bids, Hoang Son's revenue increased sharply, but its profit was at a 'none' level, so the corporate income tax that Hoang Son Company contributed to the State budget was also very "low".
According to the investigation of the Journalist & Public Opinion newspaper, although being a familiar contractor in many large contracts worth hundreds of billions, Hoang Son Company's profit is only recorded at a few billion VND per year.
Specifically, with revenue recorded at 500 billion in 2019 to 800 billion in 2023, the most positive profit of this company is only more than 3 billion VND. The net profit margin is only 0.4%, equivalent to 1,000 VND of revenue being exchanged for nearly 4 VND of profit.
In line with its meager profits, Hoang Son Company also contributes very little to the state budget. In particular, the total corporate income tax in the past 5 years is estimated at only about 4 billion VND per year, while on average, each day in 2023, this company collected more than 2 billion VND.
It is worth mentioning that when looking at the overall picture of Hoang Son Company, with total assets continuously increasing from over 1,500 billion to 2,700 billion in just 5 years, the income tax rate is only symbolic. In addition, most of the assets are financed by debt capital, although equity capital also continuously increases mainly due to increased charter capital.
By the end of 2023, Hoang Son Company's total liabilities amounted to more than VND2,000 billion, an increase of 62% compared to 4 years ago and 3 times the equity at the same time. Heavy debt may be one of the reasons why this enterprise's after-tax profit has been eroded in recent years.
In recent years, Hoang Son Company has continuously expanded into the real estate and energy sectors, gradually expanding its ecosystem such as: Suoi Nhap A Hydropower Plant (capacity of 4 MW) and Dong Chum 2 Hydropower Plant (capacity of 9 MW) both in Hoa Binh province. Or Bo Sinh Hydropower Plant with a capacity of 24 MW, built on the Ma River in Song Ma District, Son La Province and Dien Bien Dong District, Dien Bien Province; My Son 1 Solar Power Plant Project... and a series of other real estate companies and projects that will be continued to be informed to readers by the Journalist & Public Opinion newspaper.
Hoang Son Company, formerly Hoang Son Company Limited, was established at the end of March 2001, operating in the field of construction and trade in Hoa Binh province. In 2007, the enterprise began operating under the name Hoang Son Energy - Construction - Trade Investment Joint Stock Company, and at the same time developed an ecosystem with dozens of related companies.
Hoang Son Company is located at Group 01, Tan Thinh Ward, Hoa Binh City, Hoa Binh Province. The founding shareholders include Nguyen Cao Son, Nguyen Nam Chung, Pham Xuan Huy, Pham Van Huyen, Pham Anh Tuan, Tran Khac Dinh, Nguyen Thanh Thanh. In which, businessman Nguyen Cao Son is a familiar name in the business world.
Currently, the charter capital of Hoang Son Company is 680 billion VND and has had many fluctuations. Specifically, the enterprise is currently owned by Nguyen Thanh Thanh with 84.7% of capital; Nguyen Nam Chung owns 13.30% of capital; Pham Van Huyen and Tran Khac Dinh each own 1% of capital. Mr. Nguyen Nam Chung is currently the Director and legal representative.
Source: https://www.congluan.vn/lien-tuc-trung-cac-goi-thau-khung-sat-gia-du-toan-tai-hoa-binh-nhung-ket-qua-kinh-doanh-lai-beo-bot-dung-sau-cong-ty-hoang-son-la-ai-post312516.html
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