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ACV said the main cause of the bottlenecks is that the contractor has not ensured consistency between the bidding phase, where bids are priced in USD, and the contract implementation phase, where costs are incurred by subcontractors and Vietnamese suppliers. ACV also noted that IC Ictas has not clearly separated the domestic and foreign cost structure.
In the bid documents, IC Ictas proposed using subcontractors to provide and install certain equipment for the terminal, but did not disclose the subcontractor information. As a result, during bid evaluation, ACV said it had no basis to determine whether the works would be performed by domestic or foreign subcontractors.
Based on this, ACV proposed that IC Ictas adjust items with domestic costs to be paid in VND, using the exchange rate three days before the bid closing, to comply with the law and not exceed the approved total investment.
However, ACV said IC Ictas did not agree, insisting that all payments be made in USD or using the exchange rate at the time of payment. The contractor argued that applying the exchange rate three days before bid closing could result in cumulative currency losses.
ACV said the disputes between the parties have persisted and could lead to further disagreements, directly affecting the project timeline and effectiveness. The investor added that if authorities do not provide timely guidance, the situation could have an impact on the investment environment.
ACV proposed that the Ministry of Construction and related agencies review and clarify the contractor’s responsibilities in USD bidding, the principles for determining the payment currency, the classification of costs domestically and overseas, and the exchange-rate mechanism during contract execution. ACV said this would help ensure progress by standardizing the handling.
Package 5.10, “construction and installation of equipment for the passenger terminal building,” is part of Component 3—the essential works of the Long Thanh airport project in phase 1.
On August 24, 2023, ACV announced the Vietur consortium as the winner of package 5.10 for construction and installation of passenger terminal building equipment. The winning bid was over 27.8 trillion VND and nearly 339 million USD (over 8,100 billion VND).
The contract duration is 1,170 days, equivalent to about 39 months.
ACV said the Vietur consortium comprises 10 enterprises, led by IC Ictas (belonging to IC Holdings of Turkey). Other members include the ecosystem of Mr. Nguyen Ba Duong such as Ricons, Newtecons, Sol E&C, and state-owned enterprises such as Vinaconex and Hanoi Construction Corporation, along with other firms including Phuc Hung Holdings, ATAD, and Hawee.
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