Dohwa Quang Binh project changes equity from 100% to 20%

The project, after many extensions, lasting more than 8 years, is still in disarray. Photo: Le Phi Long.

According to document No. 780 dated June 17, 2024 of the Quang Binh Economic Zone Management Board, regarding the adjustment of the investment project of Quang Binh Energy Pellet Factory of Dohwa Resource Development Company Limited, it is clearly stated that the first registration certificate, the project's investment level is 240 billion VND with 100% equity, the operating period is 50 years.

But after a series of extensions, for the 5th time, Dohwa Resource Development Company Limited changed its equity from 100% to 20%, the remaining 80% was borrowed from credit institutions.

The reason given by the Quang Binh Economic Zone Management Board is "The investor changed the financial plan of the Project".

On August 27, the People's Committee of Quang Binh province announced that the Party Committee of the People's Committee of Quang Binh province has directed the Quang Binh Economic Zone Management Board to respond to issues related to the Project.

However, when reporters contacted the Quang Binh Economic Zone Management Board, the Board's leaders did not respond.

Previously, as reported by Lao Dong Newspaper, on February 22, 2024, Deputy Head of Quang Binh Economic Zone Management Board Hoang Dang Anh signed a report to the Provincial People's Committee on the implementation status of the Dohwa Project, stating that the project needed to be considered for termination.

The document clearly states that this project does not fall under the provisions of the Investment Law on adjusting project implementation progress, therefore, the Economic Zone Management Board proposes to terminate the project's operations.

However, on June 17, 2024, the Quang Binh Economic Zone Management Board sent another document to the Provincial People's Committee regarding the extension for this company until December 2025.

In the announcement of the conclusion of the Party Committee of the Provincial People's Committee on the meeting on August 13, it agreed to extend the Quang Binh Energy Pellet Factory Project of Dohwa Resource Development Company Limited for the 5th time, although public opinion is very upset about the implementation of this project.

Source: https://laodong.vn/kinh-doanh/du-an-dohwa-quang-binh-thay-von-chu-so-huu-tu-100-xuong-20-1385654.ldo