In February 2023, the People’s Committee of Ha Tinh province approved the investment proposal for the construction of the Giang Nam office building and gas station in Thach Trung ward, Ha Tinh city.
The project, with a total investment of over VND 45.5 billion, is developed by Giang Nam Gas and Oil Joint Stock Company (Giang Nam Company), headquartered in An Duong district, Hai Phong city.
Spanning an area of over 9,000 square meters, the project is strategically located on Ngo Quyen Street in Thach Trung ward, offering convenient access.
Giang Nam Company aims to construct a five-story office building and a grade-3 gas station for the trading of petroleum products and liquefied petroleum gas.
The People’s Committee of Ha Tinh province has given Giang Nam Company a period of 24 months to complete the project, starting from the date of land allocation or land lease. The project has a lifespan of 50 years.
Nearly two years after the investment proposal was approved, in March 2025, the People’s Committee of Ha Tinh province issued a decision approving the land price for Giang Nam Company to implement the above project.
Giang Nam Company has fenced off the area and is currently leveling the project site. |
According to the decision, Ha Tinh province leases the land to Giang Nam Company on an annual payment basis, with a price of over VND 19.5 million per square meter. However, recently, Giang Nam Company has announced that it will halt the project and return the land.
Mr. Nguyen Trong Ngoc, Director of Giang Nam Company, explained that after studying the documents from the Department of Agriculture and Environment of Ha Tinh province and reviewing the project dossier, the company found the land rent too high.
According to Mr. Ngoc, with a land rent of over VND 19.5 million per square meter, the company has to pay more than VND 8.5 billion in the first five years (after enjoying a one-year land rent exemption). In reality, the decision has been made, but the company has not yet received the land.
The company’s leadership stated that the rent of over VND 19.5 million per square meter is too high compared to the project’s scale, which is just a small office building combined with a grade-3 gas station.
“More importantly, there is no definite basis for determining the land price after five years, and it is likely to increase further. Giang Nam Company always aims for sustainable and long-term investment and business, contributing to the development of Ha Tinh. However, with such a high land rent, the project is unlikely to be profitable for the company,” the company stated.
Giang Nam Company has reported to the People’s Committee of Ha Tinh province and related departments, requesting to halt the project and return the land.
Previously, according to the Department of Agriculture and Environment of Ha Tinh province, to determine the land rent for Giang Nam Company, the department hired consulting units to assess the specific land price for the project. Based on this assessment, the department submitted the land price for approval by the Chairman of the Provincial People’s Committee.
“The method used to determine the land price followed the surplus method stipulated in Decree No. 44 and the 2024 Land Law. The process and content of land price determination complied with regulations,” the Department of Agriculture and Environment affirmed.
Giang Nam Gas and Oil Joint Stock Company (GNP) is one of the leading energy enterprises in Hai Phong. The company is associated with the reputation of Mr. Nguyen Trong Ngoc (born in 1970), a prominent businessman.
When established, the company had a charter capital of VND 5 billion. As of August 22, 2024, the company’s charter capital increased from VND 268 billion (by the end of 2023) to nearly VND 360 billion. Since April 2020, Mr. Nguyen Trong Ngoc has been holding the position of Director and legal representative of the company.
Thien Luong
– 14:38 05/09/2025
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