Hong Kong-based firm Dragon International awarded US$100bn projects in Vietnam

[Viet]

That is a giant sum!
Dragon International awarded US$100 billion projects

• Updated : 3/24/2014 12:27:42 PM
• Voice of Vietnam

(VOV) -Ho Tram Tourism Company of Vietnam on March 23 announced the selection of Dragon Best International – a Hong Kong-based firm – as the contractor for three premier projects.

This was announced by Ho Tram Company Director General Nguyen Quoc Long, saying the projects worth US$100 billion will be implemented following the public private partnership (PPP) model.

The first project aims to construct a trade complex that includes hotels, residential areas, and an international convention hall on 58 ha in Ho Chi Minh City at an estimated cost of US$32 billion.

Ho Chi Minh City

The second project is to develop an international eco-tourist resort on an area of 1,595 ha in Xuyen Moc district of southern Ba Ria-Vung Tau province, with a total investment of US$18 billion.

Ba Ria-Vung Tau province

In addition, Ho Tram and Dragon Best International have also contracted to construct a US$50 billion project in the Bo Y border economic zone in the Vietnam-Lao-Cambodia development triangle.

The Bo Y border gate in the central highlands province of Kon Tum. (Photo: monre.gov.vn)

The three above projects had previously been given the green light to proceed by the Government.



Dragon International awarded US$100 billion projects | VOV Online Newspaper

 

[eazzy]

I smell...corruption...

Seriously Vietnam is investing more than its total GDP on these casino or whatever projects...Why ? And where does the money come from ?

 

[madooxno9]

WHY Vietnam ? WHY You could not give this to someone else. Making china richer

Conratz china and Vietnam

 

[Edison Chen]

I smell...corruption...

Seriously Vietnam is investing more than its total GDP on these casino or whatever projects...Why ? And where does the money come from ?

public private partnership model. In short, 3P

A public–private partnership (PPP) is a government service or private business venture which is funded and operated through a partnership of government and one or more private sectorcompanies.

 

[cnleio]

public private partnership model. In short, 3P

3P is exciting, LOL.

 

[Viet]

WHY Vietnam ? WHY You could not give this to someone else. Making china richer

Conratz china and Vietnam

I guess the Chinese have money and expertise

I smell...corruption...

Seriously Vietnam is investing more than its total GDP on these casino or whatever projects...Why ? And where does the money come from ?

no details given, but I guess since this is a PPP project: 1/3 from the government, the other 2/3 from two private companies: one from Vietnam and one from Hong Kong.

 

[NiceGuy]

I smell...corruption...

Seriously Vietnam is investing more than its total GDP on these casino or whatever projects...Why ? And where does the money come from ?

Things r a little bit harder for corrputed officals in VN now. When foreign project accused of corruption, we will seek the corrupted officials and take them to the court.

We r doing like this with ODA project now.

Vietnam verifies Japanese alleged bribes for ODA project
(VOV) - The Ministry of Transport is verifying claims that an executive of the Japan Transportation Consultants, Inc. (JTC) bribed Vietnamese transport officials in return for an ODA project.
Updated : 3/23/2014 4:40:00 PM

The Yomiuri Shimbun of Japan reported that JTC President Tamio Kakinuma admitted the Tokyo-based railway consultant firm had offered corrupt financial incentives to a number of Vietnamese railway officials to win the bidding package for a Japanese ODA-funded railway project in Vietnam.

Tamio Kakinuma confessed to the alleged bribes during questioning by the special investigation squad of the Tokyo District Public Prosecutors Office.

Several Japanese newspapers reported JTC had paid Vietnamese officials JPY80 million worth of kickbacks to win a JPY4.2 billion railway contract.

Japan has provided ODA to many transport projects in Vietnam (Photo:VNA)
Deputy Minister of Transport Nguyen Ngoc Dong said the ministry has just learned about the news and immediately asked relevant agencies to clarify the time and those responsible for the project.

Tran Ngoc Thanh, President of Vietnam Railways’ Member Board, said Vietnam Railways (VNR) has yet to receive any official sources of information or request for investigation from Japan.

However, it held a meeting with the project management board and concerned parties on March 23, urging them to verify the source.

VNR will deal strictly with any violation if found, Thanh said, adding he did not rule out the possibility of establishing an independent body to investigate the case.

JTC has won several infrastructure construction projects in Vietnam. In 2005, it teamed up with the Pacific Consultants International (PCI) and the Japan Railway Technical Service (JARTS) in a consortium of contractors to provide services for the Hanoi-HCM City railway route project.

Under the contract, the consortium conducted a feasibility study and technical design, supervised project implementation, and supported VNR in improving its infrastructure management capacity. It cost nearly VND150 billion and took 56 months to complete.

In 2009, a Vietnam-Japan consultants group, comprising Vietnam’s Transport Investment and Construction Consultant JSC (TRICC), JTC, JARTS, and Nippon Koei, proposed Japan’s Shinkansen technology for an express railway project in Vietnam.

Later that year Vietnam’s Investigation Agency prosecuted Huynh Ngoc Si, former director of the ODA-funded East-West Avenue project in HCM City, for taking bribes from PCI. Si was then sentenced to 20 years in prison.Vietnam verifies Japanese alleged bribes for ODA project | VOV Online Newspaper

 

[Nike]

well i want to Visit Vietnam and Cambodia someday, for historical tour maybe

 

[NiceGuy]

well i want to Visit Vietnam and Cambodia someday, for historical tour maybe

U r welcome, bro. For ur own safety, pls dont wear expensive jewelry or using expensive phone when walking on street or using motor bike to avoid the pick-pocket.

As I know in 2007 some Indonesian investors wanted to set up the food production factory in Binh Duong province near Ho Chi Minh city-South VN. Hope their factory still there, so u can come to visit ur fellows ,too.

 

[Viet]

well i want to Visit Vietnam and Cambodia someday, for historical tour maybe

yes, do it as soon as you can. LOL
in a few years you will see the country Vietnam to look alike more South Korea than a backward one today.

3P is exciting, LOL.

China is welcome to put money into Vietnam

 

[xunzi]

We have become a monster in infrastructure development. The amount of infrastructure project aboard and domestically is mind-boggling. We have so much projects occupying our time for years to come. Everyone wants us to build stuff for them from Africa to Middle-east to South America to South Asia to Southeast. Consider yourself lucky that we build your infrastructure because we don't have a lot of time to spare. We are very busy.

 

[eazzy]

I can't find anything on that company...Dragon international...

 

[Fukuoka]

Seems like people prefer south vietnam
But it looks very fake by the amount and because the situation is unstable with China

 

[cirr]

Vietnam and China，brothers in arms？

Now what's the rate of return on this investment？That's what I am interested in。

Will Vietnam become a playground for the Chinese？

 

[Battle of Bach Dang River]

Vietnam and China，brothers in arms？

Now what's the rate of return on this investment？That's what I am interested in。

Will Vietnam become a playground for the Chinese？

That investors use HKD, not yuan...