Hong Kong investors want to take over Lai Vu IP

The IP project has been put on hold and now is put under the management of Vietnam Oil and Gas Group (PVN).

Well-informed sources told the Daily that Hong Kong’s Pacific and Tinh Loi Limited Company under the textile group Crystal are negotiating with PVN for taking over Lai Vu IP. The two companies want to become the park’s owners to continue exploiting the abandoned facility.

Two years ago, these two foreign firms won investment certificates from the provincial government for developing two large-scale textile and garment projects in Nguyen Giap industrial zone.

Pacific’s project specializes in making textile products and related materials at an estimated cost of over US$423 million. Meanwhile, the project of Tinh Loi specializing in making garment items is worth about US$115 million.

Tinh Loi has invested in another textile project in Nam Sach IP, which is also in Hai Duong with 6,000 workers. However, site-clearance troubles in the facility have resulted in the suspension of the two projects.

Therefore, the Hong Kong investors are seeking ways to buy Lai Vung IP which covers more than 200 hectares to continue the projects. The local authorities and PVN are seeking approval from the Government to transfer the park to the aforesaid investors.

Lai Vu IP is one of the seven projects of Vinashin where the governmental inspectors detected many wrongdoings in investment in 2011. As of October, 2011, the project had disbursed total investment capital of some VND600 billion which is said to be equivalent to the sum the Hong Kong buyers are offering to PVN.

However, both PVN and involved parties have declined to confirm the information

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