VietNamNet Bridge – The Government Inspectorate has disclosed various shortcomings in Song Da Corporation's management work in 2017.

Song Da Corporation's headquarter in Pham Hung Street.

Statistics from the State Audit Office of Vietnam (SAV) show that as of December 31, 2017, the total debts Song Da Corporation and its subsidiaries owned was over VND10.78trn (USD464m), of which VND1.9trn was overdue and VND305bn was bad debts. Unreconciled debts totaled VND621bn.

The corporation faced many difficulties because of delayed payments as the investor in many long-term projects such as the Dong Nai Hydropower Plant. Several hydropower projects have finished and gone into operation but full payments haven't been made. Investments into subsidiaries and provision for financial investment proved ineffective.

Song Da Corporation has over 64.3 million square metres of land for various projects, including its own headquarters. It is returning a plot of land in Ha Dong District as it is no longer needed.

Many shortcomings in land management have been found. Song Da Corporation still lacks required legal papers to rent 2,193 square metres of land in Uong Bi City. It also lacks a of land use certificate for a 2,163-square-metre plot of land in Hanoi’s Ha Dong District, which will be used for Van Khe urban area project.

There are still many problems with the land use right certificate for 135,879-square-metre land that was used to build Nam He Hydropower Plant. The plant has been put into operation for four years yet Song Da Corporation hasn't filed payment settlement report to the authorities yet.

It owed up to VND41m (USD1,700) in land rental fees and failed to co-operate with other agencies to extend the lease or return the 3,448-square-metre land in Hoa Binh City.

The SAV asked Song Da Corporation to tighten management over Ho Xuong Rong urban area project in Thai Nguyen City and complete all required procedures.

Source: DTriNews