Gov’t targets five ineffective projects hinh anh 1The Dung Quat Bio-Ethanol plant of PetroVietnam Central Biofuels JSC (Photo: VNA)
Hanoi (VNA) - 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 dong, but flawed calculations and predictions on demand, or weak management, caused losses of State capital.

The five projects are the Dinh Vu Polyester Fibre Plant, with an investment worth 7 trillion VND (311 million USD) from the Vietnam National Oil and Gas Group (PetroVietnam)’s Petrochemical and Textile Fiber Company, the 2.2 trillion VND Dung Quat Bio-Ethanol Plant by PetroVietnam Central Biofuels JSC, and Phase 2 of the Thai Nguyen Iron and Steel Corporation’s (TISCO) Production Expansion Project with a capital of 8 trillion VND.

The Phuong Nam wood pulp mill in southern Long An province with an investment of 3 trillion VND by the Transport, Communication, Development and Investment Corporation (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 by the Vietnam Chemical Group’s Ninh Binh Fertiliser Plant.
Minister of Industry and Trade Tran Tuan Anh said investments had been made in the five projects since 2008. All had failed to meet deadlines set for completion.-VNA