Investor reshuffle for Van Don airport

 If the private group gains an investment certificate for the airport, it will mean that the South Korean-backed Joinus Company Limited may  lose its already-granted permit because of the slow pace of the company’s work.

Pham Minh Chinh, Secretary of the Quang Ninh Provincial Party Committee, said at a recent conference that the Van Don project looked like it would “break ground in the first quarter next year.” He also said the provincial authorities were working closely with an investor to push the project forward.

“The investor is Sun Group,” said Trinh Van Hong, deputy director of the Quang Ninh Provincial Economic Zones Management Authority.

The airport is regarded as an important infrastructure project in the province’s Van Don Economic Zone. This is expected to play a vital role in bolstering the investment climate and tourism development throughout the province already famous for the Halong Bay World Heritage Site. The airport has the total investment of around $1 billion, and would have the full throughput capacity of 6.5 million passengers per year.

Previously, Prime Minister Nguyen Tan Dung agreed with the Quang Ninh Provincial People’s Committee in choosing Joinus and its partners as a “potential investor” for the airport project. The committee is also implementing site clearance for the project.

“Joinus has progressed the project too slowly,” Hong claimed, justifying why the provincial leaders wanted to find another investor for the project.

Dolien Han, CEO and chairman of Joinus, was not available for comment when contacted by VIR last week. But in a previous interview with VIR, he said Joinus also planned to start the construction of the project in the first half of 2015, as it was close to securing a financial arrangement with Australia-based investment firm CastlePines Corporation.

But Hong claimed he had not seen positive progress from Joinus.

“If Sun Group invests, it will scale down the Van Don project to develop it as a domestic airport. Currently, the group is studying feasibility of the investment,” said Hong.

Sun Group is now developing the $285 million Ocean Park project in Halong city, and a $167 million resort at Quang Hanh hot springs in Cam Pha city.