Gov’t targets five ineffective projects

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.

Monday, December 12, 2016 20:20

Gov’t targets five ineffective projects ảnh 1

The Dung Quat Bio-Ethanol plant of PetroVietnam Central Biofuels JSC (Photo: VNA)

Hanoi (VNA) - TheGovernment has asked the Ministry of Industry and Trade to take prompt actionon five ineffective investment projects, to ensure maximum protection of theState’s capital and assets.

A Government resolution adopted last month shows investments worth thousands ofbillions of dong, but flawed calculations and predictions on demand, or weakmanagement, caused losses of State capital.

The five projects are the Dinh Vu Polyester Fibre Plant, with an investment worth7 trillion VND (311 million USD) from the Vietnam National Oil and Gas Group (PetroVietnam)’sPetrochemical and Textile Fiber Company, the 2.2 trillion VND Dung QuatBio-Ethanol Plant by PetroVietnam Central Biofuels JSC, and Phase 2 of the ThaiNguyen Iron and Steel Corporation’s (TISCO) Production Expansion Project with acapital of 8 trillion VND.

The Phuong Nam wood pulp mill in southern Long An province with an investmentof 3 trillion VND by the Transport, Communication, Development and InvestmentCorporation (Tracodi) was handed over to Vietnam Paper Corporation (Vinapaco)in 2009 in accordance with a prime ministerial decision.

The final one is the 12 trillion VND Ninh Bình Nitrogenous Fertiliser Plant bythe Vietnam Chemical Group’s Ninh Binh Fertiliser Plant.

Minister of Industry and Trade TranTuan Anh said investments had been made in the five projects since 2008. Allhad failed to meet deadlines set for completion.-VNA

VNA

#ineffective investment projects #flawed calculations #weak management #Dung Quat Bio-Ethanol Plant

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