Wednesday, November 22 2017

VietNamNews

Committee set up to fix projects

Update: December, 22/2016 - 05:00
Đình Vũ Polyester Fibre Plant, with an investment capital of nearly VNĐ7 trillion, is on the list of ineffective projects. — Photo zing.vn
Viet Nam News

HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has decided to set up a steering committee that will resolve problems with 12 huge projects under the Ministry of Industry and Trade.

The committee will be headed by Deputy PM Vương Đình Huệ and will have members from concerned ministries and sectors. It aims to minimise the risk of losing investment capital and affecting the human and financial resources of the State.

Five of the ineffective projects are those picked by the National Assembly deputies during its second session last month. These include Đình Vũ Polyester Fibre Plant; Phương Nam Pulp Production Plant; Phase 2 expansion of a plant run by Thái Nguyên Iron and Steel Corporation; Dung Quất Bio-Ethanol Plant; and Ninh Bình Nitrogenous Fertiliser Plant.

These plants had investment capitals of between VNĐ1.9 trillion (US$83.37 million) and VNĐ12 trillion; the Ninh Bình plant had the highest investment capital.

Seven other projects have been added to this list: Hà Bắc Nitrogenous Fertiliser Plant; DAP No.2 Lào Cai Fertiliser Production Plant; DAP No.2 Hải Phòng Fertiliser Production Plant; Bình Phước Ethanol Plant; Phú Thọ Ethanol Plant; Dung Quất Shipbuilding Plant; and Quý Sa Mine Project, a joint venture between Lào Cai Mineral Company and its partner.

At a meeting held at the Government Office in Hà Nội on Tuesday, Huệ said the committee would have to address the issues of these plants and projects, while adhering to Resolution No.5 of the 12th Party Central Committee’s fourth plenary meeting. He asked committee members to study the National Assembly’s resolutions and the Government’s instructions on restructuring State-owned enterprises.

The committee must solve the problems resolutely, promptly, systematically and unanimously, ensuring a drastic change in these projects by the end of 2017 and their completion by the end of 2018, the Deputy PM said, adding that the solution would aid the country’s development.

All relevant ministries, sectors, businesses and project management boards will have to honestly report the real situation so that the committee can arrive at a practical solution. “The committee will assign concrete tasks and deadlines to every ministry, sector, organisation, unit and individual. These projects will not remain delayed or undeveloped,” Huệ said.

The committee will check the progress of these projects, assess the situation, estimate the volume of loss, and send its report to the Prime Minister.

Projects that have production capability will be restructured in terms of production, human resources and management. Those that cannot be restructured will be auctioned, divested, dissolved or declared bankrupt as per the laws, Huệ said. “The State will not use its budget to compensate for losses or support these factories and projects anymore.”

He has also asked the auditing agency and inspectors to investigate, define the responsibilities and propose strict action against organisations and individuals who have violated any law. — VNS

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