Dinh Vu Polyester Fibre Plant, with an investment capital of nearly 7 trillion VND, is on the list of ineffective projects. (Photo zing.vn)

Hanoi (VNA) - Prime Minister Nguyen Xuan Phuc has decided to set up a steering committee that will resolve problems of 12 huge projects under the Ministry of Industry and Trade (MoIT).

The committee will be headed by Deputy PM Vuong Dinh Hue 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 Dinh Vu Polyester Fibre Plant; Phuong Nam Pulp Production Plant; Phase 2 expansion of a plant run by Thai Nguyen Iron and Steel Corporation; Dung Quat Bio-Ethanol Plant; and Ninh Binh Nitrogenous Fertiliser Plant.

These plants had investment capitals of between 1.9 trillion VND (83.37 million USD) and 12 trillion VND; the Ninh Binh plant had the highest investment capital.

Seven other projects have been added to this list: Ha Bac Nitrogenous Fertiliser Plant; DAP No.2 Lao Cai Fertiliser Production Plant; DAP No.2 Hai Phong Fertiliser Production Plant; Binh Phuoc Ethanol Plant; Phu Tho Ethanol Plant; Dung Quat Shipbuilding Plant; and Quy Sa Mine Project, a joint venture between Lao Cai Mineral Company and its partner.

At a meeting held at the Government Office in Hanoi on December 20, Hue 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 give 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,” Hue 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, Hue 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./.