How is the 'health' of foreign enterprises that 'failed' to bid for Long Thanh airport terminal?

Talk to Thanh Nien , Mr. Vu The Phiet, General Director of Vietnam Airports Corporation (ACV), said that ACV has received complaints from Hoa Lu consortium sent to many agencies, including ACV, regarding Long Thanh airport.

"ACV, as the investor and the inviting party, will respond to the contractor's complaints within 7 working days from receiving the contractor's application according to Article 92 of the Bidding Law," said Mr. Phiet, affirming that he will make the response information public.

According to the announcement of the bidding party ACV on August 1, the Vietur consortium led by a Turkish contractor is the only unit that meets the technical requirements for the VND35,000 billion package to build the passenger terminal of Long Thanh airport. ACV has requested representatives of the Vietur consortium to attend the opening ceremony of financial proposals on August 4 at ACV's headquarters in Ho Chi Minh City.

However, on August 2, Hoa Lu joint venture - one of three contractors participating in the bidding for the construction of Long Thanh airport's passenger terminal, filed a complaint to Party and State leaders.

In the complaint, Hoa Lu said that the Turkish foreign contractor IC Holdings had no experience in Vietnam, and that the company's leaders were also involved in corruption allegations...

Hoa Lu Joint Venture includes: Coteccons Joint Stock Company (leading the consortium) - UNICONS Investment Company Limited - Thanh An Corporation - DELTA Construction Group Company Limited - Central Construction Company - An Phong Construction Company - Hoa Binh Construction Group Company. The only foreign company participating in this consortium is a Thai enterprise - Power Line Engineering Public Company (PLE).

According to the introduction, PLE was established in 1988 and currently owns 5 subsidiaries. Initially, this company focused on mechanical and electrical contracts but later expanded into a construction and engineering contractor for office, hotel, hospital projects... in Thailand.

In the airport sector, in 2020, PLE completed the satellite airport project in Bangkok (Thailand) to connect the new airport and the old terminal of Suvarnabhumi airport.

In the last 5 fiscal years, this Thai contractor made a profit in 3 years and a loss in 2 years. In 2022, this enterprise had a pre-tax loss of more than 257 million baht, equivalent to more than 170 billion VND.

PLE's stock price listed on the Thai stock exchange is also low, with a value of 0.52 baht/share (August 4), equivalent to nearly 400 VND/share (exchange rate baht/VND is 1 baht/684 VND - PV).

This price is low compared to other construction companies listed on the Stock Exchange of Thailand (SET).

The value of PLE shares listed on the stock exchange in Thailand is currently quite low.

The leader of Hoa Lu joint venture is Coteccons Company - this is also the unit that has many connections with the businesses in the Vietur joint venture - the only contractor selected for the technical round.

Vietur is a consortium of 10 companies, with IC Istas Construction Industry and Trade Group (Türkiye) leading the consortium. In addition to familiar names in the construction sector, there are 3 enterprises: Ricons, Newtecons, Sol E&C with shares owned by Mr. Nguyen Ba Duong - who left Coteccons after 17 years of construction.

Notably, the remaining contractor in the three consortiums that also failed the technical bidding round, the CHEC-BCEG-Vietnam Contractors consortium, has yet to make any move.

This consortium includes China Harbour Engineering Company Limited and CHEC (the overseas market representative of China Communications Construction Corporation). According to the introduction, these are leading Chinese contractors constructing many large projects including airports, seaports, infrastructure... globally.

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