Proposal to return many works in use for free
On June 22, a source from Lao Dong Newspaper confirmed that Dak Lak Water Supply Joint Stock Company (Dakwaco) had sent a document to the Buon Ma Thuot City Project Management Board requesting the return of water supply works to the investor for management according to regulations.
In the document, Dakwaco proposed to return 24 water supply works in Buon Ma Thuot city for local authorities to receive and operate themselves.
These projects were completed in the period from 2001 to 2022, with the Buon Ma Thuot City Project Management Board as the investor.
After completion, the projects will be handed over to Dakwaco for management, operation and exploitation.
According to the investigation, these projects have not been included or supplemented in Dakwaco's equitization plan.
Regarding the incident, the leader of the Buon Ma Thuot City Project Management Board said that the unit was very surprised to receive the above document.
According to this person, all 24 projects have been fully handed over to Dakwaco for operation. The Project Management Board does not have the function or expertise to receive and directly operate the water supply system.
"Dakwaco wants to return the project, then requires us to install a master meter, operate, collect money and return the business. This is a very unreasonable proposal that cannot be implemented, affirmed the leader of the Project Management Board.
Signs of State capital loss
According to the 2018 equitization decision of the Dak Lak Provincial People's Committee for Dak Lak Water Supply and Construction Investment Company Limited, the State holds 36% of shares, while the private sector owns more than 58%.
In 2019, this enterprise officially changed to a joint stock company model and changed its name to Dak Lak Water Supply Joint Stock Company (Dakwaco).
It is worth mentioning that from 2013 to 2019, the People's Committee of Buon Ma Thuot city has handed over to Dakwaco the management, operation and exploitation of more than 20 water supply pipeline infrastructure projects, with a total investment value of up to 26.44 billion VND.
All of these projects have begun to be implemented and many projects have been completed before the equitization takes place.
Then, from 2020 to present, the authorities of Buon Ma Thuot city continue to invest, complete water supply infrastructure in more than 10 residential areas and build a clean water supply network directly to each household.
However, by June 2025 (before the time Lao Dong Newspaper reported), all of the above works had not been added to the equitization plan. These assets are not included in the enterprise value as a basis for increasing the State capital, still stopping at 36%.
This shows signs of losing public investment capital, while businesses still use state-invested projects to do business and make profits without refunding the budget.
Regarding this situation, since 2019, the People's Committee of Buon Ma Thuot city has sent a document to the Department of Construction, giving opinions on the division of water supply in the area.
In the document, the city requested the Department of Construction to coordinate with the Department of Finance to review projects that have not been included in the value of assets when equitizing or works handed over after equitization.
The city also proposed that there should be solutions to recover capital to avoid budget losses. However, up to now, this proposal has not been considered and implemented by competent authorities.
Speaking to Lao Dong Newspaper, a representative of the People's Committee of Buon Ma Thuot City affirmed: "In terms of responsibility, the city has complied with the legal regulations on investment in the construction of water supply works and handed them over to a unit with specialized operations".
The water pipeline infrastructure projects in the city have been handed over to Dakwaco for management and exploitation. If there is a loss of State capital, it is the responsibility of provincial departments, branches and the Steering Committee for Equipping and Equipping Dakwaco equities," affirmed a representative of the People's Committee of Buon Ma Thuot city.
Previously, Lao Dong Newspaper had many articles reflecting the continuous increase in domestic water prices in Buon Ma Thuot city, causing outrage among the people.
Meanwhile, Dakwaco is operating many projects invested by the State for free but has not included them in the equitization plan to increase the proportion of State capital contribution.
After the reflection of Lao Dong Newspaper, the authorities took action. On the side of the Dak Lak Provincial People's Committee, the case with signs of violations has been transferred to the Provincial Police for handling according to regulations.
The case is being investigated by Dak Lak Provincial Police, clarifying the process of equitizing Dakwaco at the request of the Provincial People's Committee.
