As reported, in early February 2024, the Government Inspectorate issued Announcement No. 203 announcing the conclusions of inspections of the responsibility for implementing laws on inspection, citizen reception, complaint settlement, denunciation and anti-corruption; land management, licensing of land and stone mines for construction materials; and planning work in Ninh Binh province.
Through the inspection and examination of a number of issues in 18 projects, the Government Inspectorate identified many violations in two projects undertaken by PV-Inconess Investment Corporation. These projects are the combined 54-hole golf and sports complex Yen Thang Lake Golf Course (referred to as Yen Thang golf project) and Dong Thai Eco-tourism Area.
Review and termination of the Dong Thai Eco-tourism Area project
Regarding the Dong Thai Eco-tourism Area project, the Government Inspectorate pointed out that this is one of the projects with an area of over 5 hectares but no detailed planning at a scale of 1/500 and no social housing. In addition, this tourism area is one of the 7 projects that are falling behind schedule compared to the Investment Certificate.
Based on these violations, the Government Inspectorate recommended reviewing and handling in accordance with regulations regarding projects over 5 hectares without a detailed planning at a scale of 1/500 and no social housing.
Dong Thai Lake is a famous freshwater lake in Ninh Binh
In addition, the Government Inspectorate requested inspecting and handling in accordance with laws related to investment and land for projects that are behind schedule compared to the Investment Certificate. Specifically, “based on Article 47, Article 48 of the Investment Law; Article 64 of the Land Law; Article 15, Article 100 of Decree No. 43/2014/ND-CP, Article 34 of Decree No. 47/2014/ND-CP; Article 2 of Decree No. 01/2017/ND-CP to inspect, review, consider the decision to terminate the investment project activities of the Dong Thai Eco-tourism Area Project under its jurisdiction,” the Government Inspectorate stated.
A 2.8 trillion VND project behind schedule in 19 years
According to research, the Dong Thai Eco-tourism Area project was approved by the Provincial People’s Committee of Ninh Binh for the first time in Decision No. 226/QD-UBND on January 27, 2005. Due to the delays in the implementation process, the Provincial People’s Committee terminated the project activities in Decision No. 834/QD-UBND on September 1, 2010.
In 2013, the project developer, PV-Inconess Investment Corporation (PV-Inconess), requested to continue the investment and was granted permission. Therefore, on July 29, 2013, the Provincial People’s Committee of Ninh Binh issued Investment Certificate No. 09110000025 to PV-Inconess for implementing the project with a total area of 2,185 hectares.
The breakdown of the project is as follows: reception area 81.34 hectares, eco-tourism area 1,976.2 hectares (forests and lakes), service area 64.48 hectares, villa area 62.97 hectares. The total investment amount for the project is over 2.8 trillion VND, the implementation period is from 2013 to 2022, and the operating period is 60 years.
Up to now, the Provincial People’s Committee of Ninh Binh has only allocated 9.65 hectares out of 2,186 hectares (0.44%) of commercial land and service land (leased land with annual rent). PV-Inconess is exempt from rental fees until the end of June 2025 (exempt during the basic construction period and 7 years due to difficult socio-economic conditions in the investment area).
According to Investment Certificate No. 09110000025 issued on July 29, 2013 by the Provincial People’s Committee of Ninh Binh, this project has expired and has not been granted an extension. Meanwhile, the new developer has paid an advance of over 16.2 billion VND for land clearance. As of the end of 2023, no construction work has been carried out.
Regarding the project developer, PV-Inconess Investment Corporation was previously known as Enterprise Support Services and Investment Consulting Joint Stock Company, established in 2007. The company’s main business activities are in the golf sector, including golf services; in addition, it is also involved in real estate business, eco-tourism services, including gardening, catering, entertainment services, and other recreational services…
As for the shareholder structure, TCG Land Limited Liability Company holds 75% of the charter capital (equivalent to 668 billion VND) in PV-Inconess. TCG Land Limited Liability Company is a subsidiary of Thanh Cong Group (TC Group), owned 100% by Chairman Nguyen Anh Tuan. Therefore, TC Group indirectly owns PV-Inconess.
In 2018, Mr. Nguyen Anh Tuan, Chairman of Thanh Cong Group, became the Chairman of the Board of Directors of PV-Inconess.
