Hanoi must use audit to handle Bitexco's billion-dollar project

Deputy Prime Minister Tran Hong Ha requested Hanoi to use auditing to ensure transparency in payment of BT contract with Bitexco at The Manor Central Park project.

This is one of the instructions of Deputy Prime Minister Tran Hong Ha after a meeting on the Urban Area South of Ring Road 3 (commercial name The Manor Central Park) with ministries such as Planning and Investment, Finance, Construction, Natural Resources and Environment, Hanoi People's Committee and leaders of Bitexco Joint Stock Company.

Currently, there are still some problems between Hanoi and Bitexco in implementing the previously signed BT (land for infrastructure) contract. According to the contract, Bitexco will invest in the traffic roads surrounding the Chu Van An memorial area. In return, Hanoi will hand over 20.8 hectares of land to the company to implement the The Manor Central Park project.

Previously, Hanoi allocated 14.2 hectares of land to this investor to implement phase 1 of the project, but stopped allocating 6.6 hectares of land so that Bitexco could continue with phase 2. The reason given by the city was that the 14.2 hectares of land fund exceeded the value of the BT project - the total value was about 1,550 billion VND. In August, Hanoi continued to request the recovery of nearly 5.3 hectares at The Manor Central Park project, of which 2.3 hectares was public land fund that had to be handed over to the city and nearly 3 hectares was 20% land fund for building social housing.

On the investor side, Bitexco said that it had repeatedly sent recommendations and proposals to Hanoi to approve the investment documents for phase 2 of the project, as well as to allow the company to build on plots of land in the aforementioned 5.3-hectare land fund. At the end of November last year, Bitexco continued to request the Department of Natural Resources and Environment and the Hanoi Land Fund Development Center to consider and postpone the land handover deadline until the final opinion of the competent authorities was received.

According to Deputy Prime Minister Tran Hong Ha, Bitexco’s proposal on The Manor Central Park project is related to the agreement and legality of implementing the BT contract signed between the Hanoi People’s Committee and the investor. Therefore, the settlement of the investor’s proposals is under the authority and responsibility of the Hanoi People’s Committee, and must ensure the principles of consistency, publicity, transparency, no negativity, and no loss of state assets.

He proposed that the Hanoi People's Committee use auditing to ensure objectivity and transparency in implementing BT contract payments with investors.

At the same time, the Deputy Prime Minister also directed the Ministry of Natural Resources and Environment to guide the Hanoi People's Committee on calculating and determining land prices to be allocated to project investors in accordance with legal regulations.

The Manor Central Park urban area project, covering an area of ​​about 90 hectares (in Dai Kim ward, Hoang Mai district and Thanh Liet commune, Thanh Tri district), was approved by Hanoi in April 2011 but construction did not start until 2014. The total investment of the project is about 1.9 billion USD. Currently, many items at The Manor Central Park have been handed over to residents and put into operation. Many villas and shophouses in the project are sold for 1-3 million USD.

Anh Tu

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