OceanBank's stalled project in Nghe An remains unfinished.

Repeated violations of regulations have left the project stalled.

On February 22, 2010, Ocean Commercial Joint Stock Bank (Oceanbank) registered to invest in the Nam Dan Plaza project at the site of the former Nam Dan Commercial Area, Phan Boi Chau block, Nam Dan town (Nghe An province), with the purpose of establishing a transaction office, business services, and guesthouse.

However, after the groundbreaking ceremony on May 15, 2010, the project remained stalled until August 11, 2014, causing public outrage in Nam Dan district. The People's Committee of Nam Dan district had to send another official letter requesting a clear response from the investor and proposing that the Provincial People's Committee establish an inspection team to consider revoking the project and assigning it to another investor.

During the meeting between the parties, the provincial inter-agency inspection team pointed out violations by the investor such as: Although granted an investment certificate in 2010, Oceanbank had not fulfilled its tax obligations until 2014 to be allocated or leased land as required by law; the construction drawings and basic designs had not been approved, and a construction permit had not been issued, yet the foundation had been poured and construction had reached the second floor; the project's progress had been prolonged…

Facing the risk of having its license revoked, Oceanbank committed to starting construction in early September 2014, completing the construction by December 15, 2014, and putting the Nam Dan Plaza building into operation by December 31, 2014.

The project is stalled, with the basic structure still unfinished. Photo: HH

However, the Nam Dan Plaza building, which had only completed its rough construction, was left unfinished. Since then, a series of Oceanbank leaders, including Mr. Ha Van Tham - Chairman of the Board of Directors and Mr. Nguyen Xuan Son - General Director, have been prosecuted and arrested by investigative agencies. The investor, Oceanbank, was subsequently acquired by the State Bank of Vietnam for 0 dong and handed over to the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) for management due to its business losses and inability to operate.

Faced with a stalled project that has been abandoned for a long time right in the center of Nam Dan district, resembling a deserted house, the people are very frustrated. From 2015 to the present, the People's Committee of Nam Dan district has sent dozens of official letters requesting the investor to complete the project or come up with a solution, but the construction remains at a standstill.

The province issued a decision to revoke the license, but the investor requested a postponement.

On June 2nd, 2017, based on the conclusions of the first inter-agency inspection team of 2017 regarding compliance with investment, construction, and land laws for projects in Nghe An province, the Provincial People's Committee signed a decision to terminate, revoke, and annul relevant legal documents for three projects, including the Nam Dan Plaza project.

However, after receiving the Provincial People's Committee's Decision on June 22, 2017, Oceanbank sent a letter requesting a postponement of the effective date of the revocation decision and asking for conditions to allow Oceanbank to transfer the unfinished construction project to another investor in order to recover its capital.

Construction of the Nam Dan Plaza building has been halted since 2015. Photo: HH

Currently, Nam Dan district is implementing the district-level regional planning project; the general plan for expanding Nam Dan town according to Notice No. 99/TB-TTg dated May 25, 2016, of the Government Office and Official Letter No. 5122/UBND-XD dated July 18, 2016, of the Provincial People's Committee. Accordingly, the location of the Nam Dan Plaza building is no longer suitable for the criteria of a civilized urban area of ​​a new rural district, so it has been planned as a public area, expanding the town's intersection, and constructing a traffic roundabout to both create a focal point for the new rural district of Nam Dan and avoid congestion and ensure traffic safety.

On January 22, 2018, the People's Committee of Nam Dan District sent a letter requesting the early termination of the project and prohibiting its transfer to another investor, as requested by Oceanbank, so that Nam Dan could implement its approved planning. However, to date, the Nam Dan Plaza project has not been canceled.