Sam Holdings (SAM): Seaport project worth more than 14 trillion finally set construction date after 4 years of “construction”

The Meishui International Seaport Project, with a total investment of VND 14,234 billion, started construction in 2020, but was forced to be suspended due to many problems. On January 7, the Chairman of the People’s Committee of Quang Tri Province announced the reconstruction time of the above-mentioned projects. On the afternoon of January 7, Vo Van Hung, Chairman of the Quang Tri Provincial People’s Committee, just finished his speech, requesting all localities, departments and investors, the My Thuy International Port Joint Stock Company (MTIP), to complete the My Thuy International Seaport Project as soon as possible starting from February 26. The construction site has been cleared.

Regarding site clearance, Vice Chairman of the People’s Committee of Langlang District Yang Yuehai informed that the district has recovered 125.32 hectares/133.67 hectares of the project implementation area. The total amount paid to households was VND93 billion. In other areas, some residents disagree or have procedural issues, which the district is actively resolving.

The project involves a sea area of ​​161 hectares, and MTIP is currently completing documents to allocate sea areas based on the assessment opinions of Vietnam’s Ministry of Oceans and Islands.

According to the Quang Tri Economic Zone Management Committee, this is an artificial deep-water port, so the amount of excavation and earthwork is very large. The Ministry of Natural Resources and Environment is looking for sites to dump 17 million cubic meters of dredged product. There are three proposed sites with an area of ​​58.4 hectares, but the quantity requirements are still not met.

Previously, on December 30, 2023, the government agreed to change the use of 23.63 hectares of protective forest to build the project. In addition, Quang Tri Province is submitting 18.51 hectares of production forest to the People’s Committee for approval.

It is understood that My Thuy International Port Joint Venture (MTIP) received approval from the My Thuy Port Area project investment policy in January 2019, with a total investment of VND 14,234 billion, of which investors contributed VND 2,143 billion, mobilizing funds and Other capital is VND12,091 billion.

In the first quarter of 2022, the board of directors of Sam Holdings (HoSE: SAM (HM: )) decided to approve the plan to purchase 36% of the charter capital of the US Water International Port Joint Stock Company. As of September 30, 2023, SAM’s investment in the project is VND709 billion.

The Board of Directors of Sam Holdings appointed Mr. Tran Viet Anh (General Manager) as Capital Representative of Sam Holdings Joint Stock Company, responsible for managing the capital contribution of MTIP.

The project has a construction area of ​​685 hectares, a total scale of 10 development berths, and a shipping capacity and ship size of 100,000 tons. The project is implemented in three phases: the first phase (2018-2025) invests in 4 terminals; the second phase (2026-2031) invests in 3 terminals; the third phase (2032-2036) invests in 3 terminals.

On February 27, 2020, the project was officially launched, but encountered many problems.

Accordingly, since the investment policy was approved and construction started, the Meishui Port Project has not fulfilled the required legal procedures, including payment of deposits to ensure project implementation, financial capability and equity reporting, compensation, support, etc. Conduct site clearance, complete basic design and environmental impact assessment. As a result, the project is behind the promised timeline and has been postponed until today.

>> The 5.8 trillion yuan affordable housing project has just started Wen Holmes (HM:) reached nearly 1% of the 5-year plan