A worker at Dinh Vu Polyester Fibre Plant (Photo: VNA) Hanoi (VNA) – The Dinh Vu Polyester Fibre Plant of the Petrochemicaland Textile Fiber Joint Stock Company (PVTEX) – a subsidiary company of theVietnam Oil and Gas Group (PetroVietnam) - has to date resumed operation of 12out of its 25 production lines so far.
The fibre plant is one of the 12 loss-making projects under the management ofthe Ministry of Industry and Trade. Its re-opening is in line with the Government’sdirective to tackle shortcomings and weaknesses of some inefficient projectsand enterprises.
According to PVTEX Chairman and General Director Dao Van Ngoc, the plant has earned50.55 billion VND (2.17 million USD) from selling more than 1,300 tonnes ofyarn since its operation was resumed on April 20, 2018..
Particularly, its draw texturised yarn (DTY) has been qualified to enter themarkets of the US, the Republic of Korea, Thailand, and some European countries,while AnPoly yarn has won the favour of both domestic market and many otherchoosy countries.
At a working session with PetroVietnam leaders on June 24, a representativefrom An Phat Holdings, a partner of PVTEX, said that around 200 billion VND hasbeen invested to restart operation of the 12 production lines.
An Phat also arranged more than 400 billion VND for the re-operationof all production lines at Dinh Vu plant.
Earlier, the plant halted operationsin September 2015 owing to a huge loss of 1.26 trillion VND and negative equityof 504 billion VND.
It was scheduled to restart in 2016 but failedto do so. Authorities would have considered bankruptcy if the equitisation ofthe enterprise had been unsuccessful.
PVTEX and An Phat Holdings signed a memorandumof cooperation on producing and trading Dinh Vu polyester fibre in April lastyear.-VNA
VNA
