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Shameless BOT Yen Lenh

BOT Yen Lenh project still has many errors to clarify

From 17/2/2018, the BOT project of National Highway 38, Yen Lenh – Vung Round section (BOT Yen Lenh) has agreed to reduce the fee for all vehicles through the station. However, according to the State Audit, the BOT project still has many mistakes to clarify.

Accept a discount

According to the design, BOT Yen Lenh project is a joint venture between Thang Long Construction Corporation and Transport Construction Corporation No. 4. The project is to build and renovate Highway 38 from Yen Lenh bridge to Hung Vien intersection with a total length of about 12.4 km.

BOT Yen Lenh project still has many errors to clarify
BOT Yen Lenh project still has many errors to clarify

After 2 years of construction, the project has officially been put into use with the lowest fee of 35,000 VND / standard car (of which the fee is 15,000 VND, the BOT fee is 20,000 VND). However, with only 8 / 10km of bridges and new roads, the tolls charged by the “prime” drivers are too high.

According to the VietnamFinance study, with the initial financing plan, the Yen Lenh BOT project with the total investment of about VND833 billion, investors will be charged a 15-year and 6-month fee of VND35,000 / unit. standard.

Because there are many reflections on the above fee, in September/2017, the Ministry of Transport has asked BOT Yen Lenh Co., Ltd – representative of investors to reduce ticket prices for vehicles through the station from November 1, 2017, copper Time charge period. However, BOT investors only agreed to reduce fees for people in the area. Facing that situation, there was a time when the BOT was faced with “the battle of retail” of the driver.

To ensure the harmony of interests for both investors and transport enterprises, drivers, on 25/2, Hoang Dinh Hai, Director of BOT Yen Lenh Co., Ltd. said: From Frbruary 17, 2018, BOT has agreed to reduce the fees for all vehicles through the station from 35,000 dong to 30,000 dong, and we are proceeding to get the list of people in the area to continue to exempt, reduce their fees, to create consensus from the people.

“In addition to reducing fees, we are talking with the lender (ACB), together with other ministries and agencies, to agree on a financial plan and a charging period.” Mr. Hai said.

There are many mistakes

Despite the change in the market, however, BOT Yen Lenh project still has many errors to clarify.

Specifically, the State Audit of Vietnam’s Ministry of Transportation (MOT) has sent the Ministry of Transport and Communications (MOT) “s assessment that” Although the scale of investment is not large, the parties involved in the BOT project Highway 38, Yen Lenh – Vung Tau section has many errors, especially investors and representatives of competent state agencies (Project Management Unit 6 – PMU6, Ministry of Transport).

The State Audit also said that the approval of 8 / 10,2 km by the competent state agencies is not fully consistent with the improvement and upgrading of the Prime Minister.

In addition, in the course of construction, BOT Yen Lenh Co., Ltd. was audited by the State Audit of some errors such as the investor has approved the plan of selecting a number of bidding packages with the price of the bidding package about VND 28 billion outside of the content and scale of investment approved by Ministry of Transport in Decision No. 3296.

BOT Yen Lenh Co., Ltd signed the contract with the units to carry out consultancy packages and construction units of investors to implement the construction and installation package. However, the parties did not negotiate the contract for construction and installation No. 1 and 2 before signing the contract in accordance with the order stipulated in Article 19 of Decree No. 63/2014 / ND-CP dated June 26, 2014 detailing some articles of the Law on Procurement.

The State Bank of Vietnam requested the financial settlement of Yen Lenh BOT project worth VND44.27 billion, including: Return of Investors (VND2,287 billion); Reduced payables (VND17,688 billion); Other financial processing (VND24.3 billion).

Attention, the State Audit assessed that the project enterprises disbursed the total volume completed with equity has contributed VND123.3 / 554.8 billion, then disbursed to the loan is It is not in line with the provisions in the contract appendix, resulting in a change in the capital structure of the project compared with the total initial investment from 15% to 22%.

“This results in a return on investment (11.5% / year) of 2.5% / year compared to the interest expense on mining (9% / year) amount is VND7.4 billion, Announcement No. 616 / TB – State Audit announced by State Deputy General Auditor Vu Van Hanh.

It should be added that the BOT National Road 38 project, Yen Lenh – Vung Tau section is a project with a reduced payback period in the review process of the Ministry of Transport and the State Audit.

On that basis, the Ministry of Transport shall negotiate with the investor to adjust the ticket price or reduce the collection time from 15 years, 6 months (according to the contract appendix is ​​10 years, 3 months, 8 days) to 7 years, 5 months, 14 days, “the head of the State asked.

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