On June 30, Hue City’s Center for Information Technology (IT) announced that they are seeking approval to terminate the contract with the construction joint-stock company, Cong Thanh, for the 12th package of the IT building project. The Center has also initiated procedures to retrieve the advance payment and contract bond from the contractor.
The contractor completed 44% of the contract but has requested to terminate due to financial difficulties.
The contractor is currently finalizing the paperwork for the remaining work, and upon approval by the supervising consultant, the Center will proceed with the final payment and retrieval of the advance amount.
The Hue City IT Center is the investor in this project, and Cong Thanh Construction and Development Investment Joint Stock Company (referred to as Cong Thanh Company) was the main contractor for this package, with a contract value of nearly VND 34.6 billion. However, they have requested to discontinue the construction due to financial constraints.
The investor affirmed that Cong Thanh Company met the required capacity during the bidding process. However, the contractor did not have the specified equipment on-site and instead used hoists to lift materials to height.
According to the IT Center, Cong Thanh Company has completed approximately 44% of the contract value, including additional works. So far, the investor has disbursed 54% of the contract value, amounting to nearly VND 18.68 billion. This includes a payment of VND 13 billion for completed work (70.3%) and an outstanding advance payment of VND 5.68 billion (29.7%), which is 50% of the total advance payment made to the contractor since the contract signing.
The contractor used hoists instead of cranes and goods hoists for material lifting. Did the investor, Project Management Board, and construction supervisors turn a blind eye to this?
The performance bond provided by Cong Thanh Company is 3% of the contract value (approximately VND 1 billion), including a common reserve fund proportionate to the contract value they undertake.
The IT building in Hue City is funded by the local budget, with the Urban Investment and Development Management Board as the inviting and managing agency for the project. Cong Thanh Company won the bid by reducing the price by VND 6.4 billion from the invited price, with a construction period of 600 days from the contract signing on December 31, 2023.
Regarding Cong Thanh Company’s qualifications, the Hue City IT Center stated that at the time of participating in the bid for Package 12, the company met the invitation to bid requirements and was approved for contractor selection on December 28, 2023.
Numerous subcontractors have been affected by Cong Thanh Company’s financial situation, with Quang Quyet Commercial Services Construction Company being owed approximately VND 1.24 billion for labor and equipment, Thua Thien Hue Concrete and Construction Joint Stock Company owed VND 153 million, and Thuan Thien Limited Company owed VND 455 million.
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