On the morning of November 20, speaking with a reporter from Lao Dong Newspaper, Mr. Nguyen Trong Ngoc - General Director of Giang Nam Petroleum Company Limited - said that the Company has not yet received a response from Ha Tinh province about whether to allow to adjust the scale of the project to build a headquarters combined with a petroleum store in Tran Phu ward.
"If approved for the scale adjustment, we will continue to implement, but if not allowed, we will stop the project and return the land to Ha Tinh province," Mr. Ngoc shared.
According to Mr. Ngoc, Giang Nam Petroleum Company Limited requested to adjust the scale of the head office building from 5 floors to 3 floors.
The reason for reducing the scale was that the Company previously calculated to build a 5-storey office building to combine with a rental office. However, in reality, the Company is not allowed to build an office for rent but only an office for staff and employees. Therefore, the Company requested to reduce the scale of the head office to get a reduction in land rent.
As Lao Dong reported, in February 2023, the People's Committee of Ha Tinh province approved the investment policy for the project to build a working headquarters combined with a Giang Nam gas station in Thach Trung commune, Ha Tinh city (old), now Tran Phu ward.
The project is invested by Giang Nam Petroleum Company Limited (headquartered in Hai Phong City), with a total cost of more than 45.5 billion VND, implemented on an area of over 9,000 m2.
The goal of the project is to build a 5-storey office building and a level 3 gas station to trade in petroleum and gas products.
The People's Committee of Ha Tinh province assigned Giang Nam Company to implement the project within 24 months from the date of the decision on land allocation and land lease. The project's operation period is 50 years.
However, when the project was under construction, at the end of April 2025, Giang Nam Petroleum Company issued a document requesting to stop the project and return the land to Ha Tinh province.
The reason is that this enterprise believes that the specific land price approved by the People's Committee of Ha Tinh province for the project's leased land plot of more than 19.5 million VND/m2, in the first 5 years, is too high.
Because, after implementing the 1-year land rent exemption regime, this Company still has to pay more than 8.5 billion VND.
This investor explained that with the above land rental price, it is unlikely that it will not be effective for businesses, so they asked to return the land and stop the project.
After that, representatives of relevant departments, branches and localities of Ha Tinh province had a meeting with Giang Nam Petroleum Company Limited to listen to opinions and find solutions to overcome difficulties.
