"Spreading carpets on top, spreading nails below"
Faced with the reality of people lacking domestic water, in 2017, the Dak Lak Provincial People's Committee approved the investment policy for the inter-commune water supply project in Cu Kuin district. The project is invested by Buon Ma Thuot Water Supply Company Limited, with a total investment capital to date of more than 320 billion VND.
In particular, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) participated in disbursing a loan of VND 220 billion to enterprises implementing the project. Of which, Vietcombank Gia Dinh branch (Ho Chi Minh City) disbursed 143 billion VND and Vietcombank Dak Lak is 77 billion VND.
The project was completed and put into operation in April 2019. In particular, Buon Ma Thuot Water Supply Company Limited has signed a water sale and purchase contract with Dak Lak Water Supply and Construction Investment Company Limited.
However, at the end of 2019, Dak Lak Water Supply and Construction Investment Company Limited equitized and changed its name to Dak Lak Water Supply Joint Stock Company (Dakwaco). Of which, the State holds 36% of shares, the rest is privately owned.
After equitization, Dakwaco did not fulfill the signed contract. The water purchase only took place in small drops for a few years, and was stopped at the beginning of 2025, although the contract was still valid until 2043.
Mr. Nguyen Phu Tang - Deputy Director in charge of Vietcombank Gia Dinh Branch - said: "The bank only disburses when the two sides sign a contract for wholesale of clean water, with a minimum output of 15,000 m3/day and night and a unit price of 7,800 VND/m3 to ensure debt repayment ability".
However, because Dakwaco stopped buying water, Buon Ma Thuot Water Supply Company Limited had no revenue and was unable to repay the debt. As of May 25, 2025, the enterprise still owes VND 157.2 billion in principal and VND 35 billion in interest - a total debt of nearly VND 192 billion, and is currently being transferred by banks to the bad debt group.
Mr. Le Quoc Nam - Director of Buon Ma Thuot Water Supply Company Limited - said that the unit has repeatedly coordinated with Vietcombank to send petitions to the Provincial Party Committee, Dak Lak Provincial People's Committee and relevant departments and branches to request intervention, request Dakwaco to comply with the contract and buy water of the right quality so that the enterprise has a source to repay the debt and maintain operations.
"Up to now, the province has not yet had a final solution, we are in a situation of "on the carpet, under the nails". Therefore, businesses that are attracting investment like us are facing the risk of bankruptcy and having to close their water plants, Mr. Nam said in a tone.
Risk of loss of State capital
Mr. Nguyen Phu Tang - Deputy Director in charge of Vietcombank Gia Dinh Branch - added: "The unit provides credit and disburses to Buon Ma Thuot Water Supply Company to implement the project in Dak Lak according to the call as well as the investment decision policy of the Dak Lak Provincial People's Committee".
According to Mr. Tang, Dak Lak Provincial People's Committee and Dakwaco continue to delay the purchase of water by going against the policy as well as the investment decision of the locality that has granted and invited businesses.
This not only affects the province's reputation in calling for investors in the future but also increases the risk of losing State capital. If it loses state capital, Vietcombank will file a lawsuit against the Dak Lak Provincial People's Committee.
Faced with the difficulties of enterprises as well as opinions from Vietcombank, Mr. Nguyen Tuan Ha - Permanent Vice Chairman of Dak Lak Provincial People's Committee - said that enterprises operate according to the provisions of the Law on Enterprises and the Charter of Enterprises.
Management agencies are not allowed to interfere in the production and business activities of enterprises. The contract for the sale of clean water between the two units is a civil contract.
According to the Standing Vice Chairman of the Dak Lak Provincial People's Committee, in case the two parties cannot reach an agreement on continuing to implement the contract, Buon Ma Thuot Water Supply Company Limited will file a lawsuit in court for handling according to regulations.
As Lao Dong has reported, many people in Buon Ma Thuot city are lacking clean water during the dry season.
Meanwhile, the Cu Kuin district inter-commune water supply project and the addition of domestic water sources (pipedal water) to Buon Ma Thuot city only operate at 15 - 20% capacity, causing great waste.
Meanwhile, in the opposite direction, Mr. Do Hoang Phuc - Chairman of the Board of Directors of Dakwaco - firmly stated: "The enterprise has enough water to provide for people in Buon Ma Thuot city".
"We do not need to buy more water from Buon Ma Thuot Water Supply Company Limited. If the company violates the contract, Buon Ma Thuot Water Supply Company Limited can file a lawsuit" - Mr. Do Hoang Phuc said.
