Many ILS investment port projects are "stuck"

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Not only is the progress at the ICD My Dinh dry port project in Duc Thuong (Hanoi) behind schedule, many other dry port projects invested by ILS are currently in a state of "stuck".

Tru so cua cong ty ILS. Anh: Phong vien
ILS headquarters. Photo: Reporter

Public investment in many dry port projects

Surveying the website of International Investment, Trade and Service Joint Stock Company (ILS) on August 6, the reporter noted that this company publicly announced many dry port investment projects.

A typical example is the My Dinh ICD dry port project in Duc Thuong, which Lao Dong Newspaper has repeatedly reported as behind schedule.

In addition, this company introduced many other dry port projects such as: Logistics center project in Trung Khanh district (old) (formerly the Logistics center project in Tra Linh), Cao Bang province. The project has a total area of 18.5 hectares. Capacity of 200,000 TEUs. The total investment is 2,000 billion VND

The International Port Project (ICD) and Logistics support services in Van Lam, Hung Yen. Total area: 102.7 ha. Capacity: 1,000,000 TEUs. Total investment: VND 3,700 billion. Forms of joint venture investment.

The Logistics Center, Seaport (ICD) and Tay Ninh General Port projects. The project has a total area of: 260 hectares. Capacity: 3 million tons/year. Total investment: VND 3,600 billion. Forms of joint venture investment.

Although many large projects have been announced, many ILS dry port projects are behind schedule. ILS has even held the dry port project for many years but has not implemented it, or reported to stop the project.

On August 23, 2017, the Chairman of the People's Committee of Cao Bang province signed a decision on investment policy for the Investment Project to build a Logistics center in Tra Linh district (old) and later Trung Khanh district (old), Cao Bang province to International Investment, Trade and Service Joint Stock Company (INTERSERCO).

Regarding the area used, 25 hectares. The project progress is 4 years. Phase 1 from 2017 to 2018; phase 2 is 2019 - 2020. The total investment is VND 3,277 billion.

In the investment policy decision of Cao Bang province, ILS was entitled to a series of incentives such as tax incentives, reduced land rent, etc.

Despite many incentives, on September 12, 2023 (the project investment period expired according to the investment policy decision), Mr. Phung Tien Toan, Chairman of the Board of Directors, on behalf of ILS company, announced the termination of this project.

It is necessary to clarify the amount of more than 1.9 billion at the dry port project in Cao Bang in the financial report.

Although ILS has decided to terminate the investment project to build a Logistics center in Tra Linh, Cao Bang province; there are many points to clarify regarding this project.

In the notice of termination of construction investment project activities that ILS sent to the People's Committee of Cao Bang province and the Management Board of Cao Bang Economic Zone, dated September 12, 2023, this company said the operation of the project and financial obligations to the state up to the time of termination of the project as follows:

Capital contribution and capital mobilization situation: not yet implemented.

Basic construction status and putting the project into operation or exploitation: not yet implemented.

Implementation of operational goals: the project has not yet completed procedures on land, planning, construction, and environment according to regulations.

The situation of financial obligations is as follows:

The taxes, fees, and land rents that have been paid are not.

The remaining taxes, fees, and land rents are not due.

The company is committed to being responsible before the law for the legality, accuracy and honesty of the documents and documents sent to competent state agencies. Strictly comply with relevant legal regulations.

ILS reported to the People's Committee of Cao Bang province that the Tra Linh dry port project has not yet implemented basic construction (September 12, 2023), but in the audited consolidated financial report for the year 2023 it stated: The cost of basic unfinished construction at the Tra Linh Logistics center project, Cao Bang is more than 1.9 billion VND. In the 2024 financial report, this amount will continue to be recorded until January 1, 2024.

Another issue that needs attention is the Decision to terminate operations signed by Mr. Phung Tien Toan in 2023, stating the reason for terminating the project due to the conversion to the form of a consortium of investors implementing investment projects in the transit area serving the import and export of agricultural, forestry and seafood products at Tra Linh border gate, Cao Bang.

The Chairman of the Board of Directors also assigned the General Director to carry out procedures for liquidating investment projects to switch to the form of participating in a consortium of investors to invest in the entire project of the 80 ha transit area.

Reporters have repeatedly contacted ILS company to clarify the dry port project in Cao Bang as well as the progress of other dry port projects (Dry port in Tay Ninh, dry port in Hung Yen) that the unit has invested in. However, ILS has not yet responded.

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