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$30bil steel project: It’s necessary to check investor’s financial capability: MPI (23/05)
06/08/2010 - 59 Lượt xem
In Vietnam, the Ministry of Planning and Investment (MPI) is the agency which appraises big investment projects before the Prime Minister gives final answers on proposed projects
What did you think when hearing about such a huge project?
I think local authorities should consult with MPI when it considers big investment projects. MPI will provide a ‘taskforce’ which will help appraise the projects when necessary.
I think big groups can absolutely make investment in such big projects. I know that several groups in the Middle East can arrange such a huge sum of capital ($30bil and higher – reporter), because they can make investment over a long period, 10 or 20 years. If they make investment over 10 years, they will have to spend $3bil every year.
However, I must say that we need to check the financial capabilities of investors and feasibility of projects, no matter who the investors are.
What does Vietnam need to do to check the investor’s financial capability?
Every investor must make investment registration when entering Vietnam. We will consider the information they provide and then check if they have the real capability to run the projects. We can ask for help from Vietnam’s Embassy in the US in information access.
Only after checking financial capability can we confirm if the investor can make the $30bil investment in Vietnam and if it can run the project.
Eminence left Ha Tinh without saying a word
In an effort to seek more information about the $30bil steel project, Tien phong’s reporter tried to interview leaders of Ha Tinh authorities, whom Eminence once contacted before deciding to set the steel complex in Thanh Hoa province.
In 2006, Ho Quoc Phi, Deputy Director of the Department for Mountainous Area and Borderline Trade Policies under the Ministry of Trade, introduced Yang Wu Song to Ha Tinh authorities. Mr Song came to Ha Tinh to consider the opportunities to set up a steel complex there, where there is the Thach Khe iron ore mine.
Tran Dinh Dan, provincial committee secretary twice met Eminence representatives and asked provincial agencies to create the best conditions to speed up the group’s project. After several times of surveying, Eminence drew up an ‘action plan’ for the project, and then left Ha Tinh without any explanation.
| Eminence will hold a press conference on May 29 and provide more information about itself and the project to satisfy local media, according to Mr Phi, who said that he had contacted Eminence’s Chairman in the US. Mr Phi said that he had asked Eminence to show the documents and the agreements it had signed with banks and financiers related to the project. Eminence will explain again about the material sources to be used to run the project. Mr Phi has also asked Eminence to submit some other reports to relevant ministries. |
Source: Tien phong
