On October 14, the Government Inspectorate of Vietnam announced the inspection results related to projects facing challenges in Quang Ninh Province. Following Decision No. 675/QĐ-TTCP dated July 23, 2025, two out of three reviewed projects had previously been inspected by authorities and their audits suspended on August 29, 2025.
The remaining project is the Thanh Cong Viet Hung Automobile Plant, located at lots CN01 and CN03 within Viet Hung Industrial Park (IP), Viet Hung Ward. It is invested by Thanh Cong Viet Hung Technology Complex IP Joint Stock Company.
The project received its initial investment registration certificate on September 18, 2020. Designed with a capacity of 120,000 vehicles per year, its total investment capital is VND 8,679 billion, with a 42-year operational term. In March 2025, the facility was completed and commenced operations. By July, it had produced 674 vehicles for the market.
Thanh Cong Viet Hung Automobile Plant
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Funding was committed by BIDV and PGBank. As of June 27, 2025, the investor had disbursed over VND 3,039 billion, with capital settlement pending. The Government Inspectorate confirmed the project’s completion and operational status, noting no significant issues.
Regarding land leasing, Viet Hung IP Development JSC leased over 36.1 hectares to the enterprise at VND 514,000/m² for land and nearly VND 1.1 million/m² for infrastructure (VAT inclusive), paid upfront for the entire lease term until February 16, 2062. This area received its land use rights certificate on August 30, 2024.
However, approximately 1,443 m² remains uncleared, with land pricing unresolved for full-term leasing. Thanh Cong Viet Hung paid nearly VND 186 billion in land rent on August 22, 2024, covering this area. Quang Ninh Provincial Inspectorate previously audited land pricing and found no violations.
During implementation, Thanh Cong Viet Hung advocated for tax incentives similar to those for auto projects in economic zones, as their project is within an IP. Quang Ninh’s National Assembly delegation urged the government to amend import tax policies for auto parts.
On February 10, 2025, Decree 21/2025/NĐ-CP amended Article 9 of Decree 26/2023/NĐ-CP, addressing business concerns. Quang Ninh People’s Committee later confirmed the project’s issue resolution.
The Government Inspectorate directed Quang Ninh authorities to promptly price the remaining 1,443 m² and finalize financial obligations. The Ministry of Finance was advised to remove the project from the list of troubled initiatives.
– 4:16 PM, December 3, 2025
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