Hưng Yên Re-tenders 35,000 Billion Project After Inspection Request: How Much Has Hòa Phát Spent?

The Hưng Yên Department of Planning and Investment announced a tender for the Project of Sub-area A – Northern Urban Area along National Highway 5, covering an area of 262 ha. Previously, the project was invested by a subsidiary of Hòa Phát with a total cost of 3,500 billion VND, which has now increased to 35,000 billion VND. As of December 31, 2024, Hòa Phát’s financial report indicates a total of 1,695 billion VND in ongoing production costs related to the project, including 1,007 billion VND for land compensation and 688 billion VND for infrastructure investment. The Government Inspectorate has recommended revoking the project allocation to Hòa Phát due to land management violations. Hòa Phát has not yet received official notification from Hưng Yên province regarding this issue. The company has invested in several major projects in Hưng Yên and other industrial parks.