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Gov’t targets 5 ineffective projects

Update: December, 12/2016 - 09:55

The Dung Quat Bio-Ethanol plant of PetroVietnam Central Biofuels JSC. — VNA/VNS Photo Ngoc Ha

HÀ NỘI — The Government has asked the Ministry of Industry and Trade to take prompt action on five ineffective investment projects, to ensure maximum protection of the State’s capital and assets.

A Government resolution adopted last month shows investments worth thousands of billions of đồng, but flawed calculations and predictions on demand, or weak management, caused losses of State capital.

The five projects are the Đình Vũ Polyester Fibre Plant, with an investment worth VNĐ7 trillion (US$311 million) from the Việt Nam Oil and Gas Group’s PetroVietnam Petrochemical and Textile Fiber Company, VNĐ2.2 trillion in the Dung Quất Bio-Ethanol Plant by PetroVietnam Central Biofuels JSC, and Phase 2 of the Thái Nguyên Iron and Steel Corporation’s (TISCO) Production Expansion Project with a capital of VNĐ8 trillion.

The Phương Nam wood pulp mill in southern Long An Province with an investment of VNĐ3 trillion by the Transport, Communication, Development and Investment Corporation (Tracodi). This project was handed over to Việt Nam Paper Corporation (Vinapaco) in 2009 in accordance with a prime ministerial decision.

The final one is by the Việt Nam Chemical Group’s Ninh Bình Fertiliser Plant which invested VNĐ12 trillion in the Ninh Bình Nitrogenous Fertiliser Plant.

Minister of Industry and Trade Trần Tuấn Anh said investments had been made in the five projects since 2008. All had failed to meet deadlines set for completion. — VNS

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