Proposal to terminate 'hundred billion' project after 8 years of being granted investment certificate

The project was granted the first Investment Registration Certificate on April 8, 2016. Currently, the investor of this project is Dohwa Resource Development Company Limited.

According to research, the investment project of Quang Binh Energy Pellet Factory is implemented on an area of 3 hectares in Hon La Seaport Industrial Park (Quang Trach district, Quang Binh province) with a total investment capital of 240 billion VND and the project's operating period is 50 years.

In the first Investment Registration Certificate, the project was implemented in 2 phases, including: Phase 1, construction started in the second quarter of 2016, project completed and put into operation in the second quarter of 2017; Phase 2, construction started in the second quarter of 2018, project completed and put into operation in the second quarter of 2019.

The investment project for the Quang Binh Energy Pellet Factory is being implemented at the Hon La Seaport Industrial Park (Quang Trach District, Quang Binh Province). Photo: M.Phong.

Regarding the project implementation, on May 25, 2023, the Quang Binh Provincial Economic Zone Management Board and Dohwa Resource Development Company Limited had a working session and the two sides agreed that the investor committed to implementing the project no later than the beginning of the third quarter of 2023, completing and putting it into use before December 31, 2023 as committed by the Chairman of Dohwa Group at the meeting with the People's Committee of Quang Binh province on February 2, 2023.

On February 22, 2024, the Quang Binh Provincial Economic Zone Management Board reported on the project implementation status. The report stated that on December 22, 2023, the Quang Binh Provincial Economic Zone Management Board and Dohwa Resource Development Co., Ltd. had a working session on the implementation status of the Quang Binh Energy Pellet Factory project.

At this meeting, the investor proposed to continue to extend the progress to have the opportunity to implement the project. The Quang Binh Economic Zone Management Board assessed that the investor's proposal and desire were legitimate, however, this project does not fall under the provisions of the Investment Law on adjusting the project implementation progress, therefore the Economic Zone Management Board proposed to terminate the project's operation.

Discussing this issue, Mr. Phan Van Thuong, Head of the Quang Binh Economic Zone Management Board, said that the unit has reported the implementation status of the Quang Binh Energy Pellet Factory project to the Provincial People's Committee.

Standing Vice Chairman of Quang Binh Provincial People's Committee Doan Ngoc Lam said that the province invited investors to implement the project to develop industrial parks and develop the local socio-economic situation. However, the Quang Binh Energy Pellet Factory project has not yet been completed on schedule and the investor is continuing to request an extension to implement the project.

According to Mr. Doan Ngoc Lam, this is a project with foreign investors, so it needs to be reported and approved by the Party Committee and the Provincial Party Committee, and so far there has been no final conclusion.

Source