Tandoland invested more than 3,000 billion VND to build an industrial park in Long An

(VNF) – Deputy Prime Minister Le Van Thanh has just approved the decision on investment policy in the construction and business infrastructure investment project of Tandoland industrial park, invested by Tandoland Joint Stock Company.

Tandoland invested more than 3,000 billion VND to build an industrial park in Long An. (Illustrated image) 

According to the decision, Tandoland Joint Stock Company is approved to be the investor to invest in the construction and business of infrastructure of Tandoland industrial park. The project has a scale of 250ha in Luong Hoa and Tan Hoa communes, Ben Luc district, Long An province.

The project has a total investment of more than 3,144 billion VND, of which, the investor’s contributed capital is 550 billion VND and the mobilized capital is more than 2,594 billion VND.Tandoland has 36 months to implement the project from the date of land handover by the State. The project’s operation term is 50 years from April 19, 2022.

The decision also states that, in order to implement the project, Tandoland must supplement its charter capital to ensure its ability to contribute equity capital, and at the same time make a deposit or have a bank guarantee on the escrow obligation.It is known that Tandoland was established on March 28, 2017 by Mr. Truong Dinh Vinh (born in 1971) as the director and legal representative at law.

Tandoland has an initial registered charter capital of 800 billion VND, of which Tan Do Investment and Construction Joint Stock Company (the investor of Tan Do industrial – urban – service complex) contributes 280 billion VND, equivalent to 25% of capital; Mr. Truong Dinh Vinh contributed 80 billion VND (10%) and Exim Real Estate Joint Stock Company contributed the remaining 440 billion VND, equivalent to 55% of the shares.

However, as of February 16, 2022, Tandoland’s charter capital has been registered to VND 1,350 billion. Besides, the position of director is held by Mr. Nguyen Thai Binh (born in 1981).Regarding Tandoland’s business situation, according to documents obtained by VietnamFinance, the business results of this unit in recent years have been quite “bad”, continuously losing money. Specifically, from its establishment (in 2017) to 2020, Tandoland (the parent company) did not generate net revenue, deduct costs and taxes, the business net loss was 1.4 billion dong and 2.3 billion dong. copper for two years 2019-2020.

In 2020, Tandoland’s liabilities increased sharply to VND 531 billion, mainly short-term debts. Thanks to that, Tandoland’s total assets were also increased to 832.2 billion VND, but most of the assets are in other businesses, with nearly 800 billion VND from short-term receivables; Tandoland holds a relatively small amount of cash and cash equivalents of VND31.3 billion, approximately 3.8% of total assets.

In addition, the appropriated capital made Tandoland’s business cash flow continuously negative, especially in 2019-2020, increasing the negative level from 31.4 billion dong to 223.7 billion dong. This continues to show that over the years, Tandoland has only spent money to maintain business activities, but never made any profits.

By Vietnamfiance