SCIC and VTV want to withdraw from the project of the world's tallest TV tower

The Ministry of Finance has just sent an official dispatch to the Government Office reporting on the Vietnam Television Tower project and the plan to restructure investment capital at Vietnam Television Tower Joint Stock Company.

Illustration: Internet

The Ministry of Finance's report stated that in February 2015, the Prime Minister agreed to allow VTV and the State Capital Investment Corporation (SCIC) to establish the Vietnam Television Tower Joint Stock Company to participate in this project.

However, in the official dispatch dated May 22, 2017, VTV stated that it is currently necessary to focus on prioritizing investment in program production and business development and proposed to divest all or most of the capital in the company.

VTV said SCIC also has a policy of withdrawing 100% of its capital from Vietnam Television Tower Joint Stock Company because the TV tower construction project is not on the existing list that the State needs to control or invest in.

Furthermore, according to VTV's report, the project has not yet been approved by the Prime Minister and has not yet been implemented. Regarding VTV's proposal for divestment, the Ministry of Finance requested VTV and SCIC to request the company to hold a general meeting of shareholders to re-determine the necessity and objectives of the project, and report to the Prime Minister for consideration and decision.

Television Tower Joint Stock Company has three units contributing capital, namely VTV, SCIC and BRG Group, to build the world's tallest 636m tower in the West Lake urban area (Hanoi) with a total investment of up to 1.3-1.5 billion USD, total area of ​​about 14.1 hectares.

This company was granted a certificate of registration in early December 2015 with a charter capital of 600 billion VND. According to VTV's report, so far the three capital contributors have only contributed 150 billion VND.

According to TTO