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Tony Milton MRICS

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IP to emerge on now-defunct 1,000he Ca Na steel complex – May 2011
Tuesday, 24 May 2011
The PM has approved a proposal by Ninh Thuan Province to develop an industrial park on the inactive Ca Na steel com­plex
The Prime Minister has approved a proposal by Ninh Thuan Province to develop an industrial park on the inactive Ca Na steel com­plex whose license will be revoked soon, a provincial official said. In his document of approval, the Government leader asked the chair­man of the province to consult relevant ministries and agencies on how to develop this IP on the 1,000-hect­are site of the steel complex. Pham Dong, director of the pro­vincial Department of Planning and Investment, told the Daily on the phone that his province was finalizing procedures to revoke the investment certificate of the steel complex due to the investors' finan­cial constraints. In February this year, authorities of Ninh Thuan Province said they were looking for clean-technology projects to replace the Ca Na steel complex following the Government's nod to cancel out the US$9.8 billion steel project. The Ca Na steel complex project is a joint venture between Malaysia's Lion Group and the state-owned Vietnam Shipbuilding Industry Group (Vinashin). The partners of the joint venture have failed to realize their commit­ments to developing the project in line with the investment certificate. Provincial leaders ascertained that the investors had struggled with financial constraints, and lacked experience in the field of steel production. Dong of the provincial Department of Planning and Investment said the area of the complex was attracting many other investors in many sec­tors. However, he said, provincial authorities would not call other steel investors for the steel complex, but preferred some other sectors like petrochemical and refining industry, and infrastructure including a deep­water seaport, instead. "The change is aimed at using the land effectively, protecting the envi­ronment and attracting investments for developing manufacturing in the province in accordance with Ninh Thuan's socio-economic development plan," he said. Ca Na is the biggest steel project to have been licensed in Vietnam and is also the largest-ever foreign­ invested project. In 2008, the invest­ment certificate was granted to the joint venture between Maju Stabil Sdn Bhd, a unit of Malaysia's Lion Group, and Vinashin, with the latter pledging to contribute a 26% stake in terms of both capital and land. On November 23, 2008, the ground-breaking ceremony for the project took place, and the investors then promised to complete the first phase in 2008-2011. Major facilities planned by the investors for the first phase included a steel mill to produce hot-rolled steel products with an annual capacity of 4.5 mil­lion tons, two thermo-power plants with a capacity of 1,450MW, and a seaport with a handling capacity of 15 million tons a year. To date, no progress has been made in its construction. After the ceremony, only part of the site clear­ance work had been done though Vi­nashin had spent billions of Vietnam dong on the work. SGT
Last Updated ( Thursday, 26 May 2011 )
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