This year, Cuu Long Corporation is completely merged into VEC
VietReader 15-09-2020, 23:11


This year, Cuu Long Corporation will complete the merger with VEC. In 2019 some former leaders and officials of Cuu Long Corporation were prosecuted and arrested for detention in connection with the concession of the Ho Chi Minh City – Trung Luong expressway toll collection.


On the morning of September 15 the Ministry of Transport had a meeting with the State Capital Management Committee at the enterprise to discuss the plan and roadmap for the merger of Cuu Long Traffic Infrastructure Project Management and Development Corporation (GDT). Cuu Long – under the Ministry of Transport) to the Vietnam Expressway Development Investment Corporation (VEC – under the Capital Management Committee).


According to the roadmap agreed by the two sides, in this September, the Ministry of Transport and the Capital Management Committee will sign an agreement to merge 2 enterprises, to complete the merger this year. The agreement will unify the principle of merging the status quo assets, related rights and obligations of Cuu Long Corporation to VEC.



This year, Cuu Long Corporation is completely merged into VEC


After completing the merger with VEC, Cuu Long Corporation will officially “wiped out”.


Public assets of projects, rights and obligations related to the management of transport projects under the management of Cuu Long Corporation will be transferred to the My Thuan Project Management Board (newly re-established under the Ministry of Transport).


Regarding personnel, it is expected that the personnel working in Cuu Long Corporation’s subsidiaries will move to work in VEC’s subsidiaries. Personnel working at the parent company – Cuu Long Corporation will be considered or admitted to the My Thuan Project Management Board.


Previously, on August 26 the Prime Minister signed a decision to establish the My Thuan Project Management Board under the Ministry of Transport, to transfer the role of transport project manager from Cuu Long Corporation. Since then, Cuu Long Corporation merged with VEC, officially terminated the operation of this corporation.


Cuu Long Corporation was established in 2011 on the basis of consolidation from the previous My Thuan Project Management Board, mainly project management activities (most public investment projects in traffic), consulting project and invest in a transport project.


In 2019 a number of former leaders and officials of Cuu Long Corporation were prosecuted and arrested for detention in connection with the concession of the Ho Chi Minh City – Trung Luong expressway toll collection to Yen Khanh Company.


Source: ndh.vn – Translated by fintel.vn