Deal #3380

Land area

Size under contract (leased or purchased area)

[2010, current] 70000 ha

Comment on land area

This is just one of 6 concessions of the company in Vietnam. Altogether the concessions of the company amount to 349,000 ha.

Intention of investment

[current] Timber plantation for wood and fiber

Nature of the deal

Lease

Negotiation status

[2007, current] Concluded (Contract signed)

Comment on negotiation status

Investment License (No: 271 043 000 003) was issued by Nghe An Provincial People's Committee on June 25th, 2007; plantation in Que Phong districts has been approved by Province People Committee for plantation (as of 2nd quarter, 2010)

Implementation status

[2007, current] Startup phase (no production)

Comment on implementation status

Project has been temporarily abandoned/halted, since parts of the concession are located in areas that are “sensitive to the national security and defense” (http://www.vir.com.vn/forest-projects-facing-the-axe.html). In Que Phong district, the company only planted about 1/3 of the leased land, then stopped, neglected until now. Plants are not cared for and protected, so the survival rate is very low. According to a recent report by the People's Committee of Que Phong district, InnovGreen Co., Ltd. has only planted 294 hectares and from 2011-2019 until now has not planted any more trees. see: https://thanhnien.vn/du-an-trong-rung-cua-innovgreen-hien-ra-sao-post852725.html On March 5, 2019, H.Que Phong People's Committee issued a written report on the results of reviewing projects in the area behind schedule, including the project of InnovGreen Nghe An Company.

Leasing fees

Comment on leasing fee

$0.0025 per square meter from May 28 2009 until June 25 2057.