VIETNAM BUSINESS NEWS HEADLINES DECEMBER 7

VND10-trillion anti-flooding project on verge of suspension VND10-trillion anti-flooding project on verge of suspension An anti-flooding project worth nearly VND10 trillion in HCMC, planned to be put into operation this month, may be suspended despite being 93% completed, as an appendix to extend the deadline of the project has yet to be signed. At a press briefing on November 3 on the project’s execution held by Trung Nam Group, the investor of the project, Trung Nam General Director Nguyen Tam Tien said the group and the HCMC government have yet to sign the contract appendix. The contract expired on June 26, 2020, the local media reported. A negotiation team of the municipal government agreed on the content of the appendix on September 24 but the municipal Department of Planning and Investment, which is in charge of signing the appendix, has yet to agree to sign it. The department required an overall review of the project’s dossiers. As the appendix has yet to be signed, the investor cannot continue executing the project. In addition, the Bank for Investment and Development of Vietnam as the lender and the investor have informed the municipal government of the payment of loans of more than… Read full this story

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