Deputy PM Hue urges prompt handling of struggling projects

Thursday, 2017-09-07 04:35:35
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Deputy PM Vuong Dinh Hue
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NDO - Deputy PM Vuong Dinh Hue urged the Ministry of Industry and Trade (MOIT) to speed up the progress of handling the 12 struggling industrial projects under its management.

Huge state funds have been invested in these projects in recent years but they are either operating at a loss or having construction suspended due to cost overruns.

MOIT statistics show that the total cost of these projects was originally nearly VND43.7 trillion (US$1.9 billion) but this was later increased to VND63.6 trillion (US$2.8 billion).

Deputy PM Hue said on September 6 that legal hindrances to dealing with these projects must be removed by the end of 2017 and their weaknesses must be addressed by the end of 2018, citing a request by the Politburo.

According to the MOIT, among the 12 projects, Viet Trung Steel Mill and DAP Hai Phong have generated profits while a number of investors are considering investing or acquiring Dung Quat and Phu Tho ethanol projects.

There has also been positive progress on legal matters at a number of other steel and fertiliser projects.

Deputy PM Hue praised the MOIT for actively directing corporations and economic groups to deal with these projects as well as the close cooperation of relevant ministries and agencies.

He spoke highly of the National Oil and Gas Group (PVN) for joining the efforts with aggressive plans for 5 plants under its management but noted that there was little progress to be seen in a number of other projects.

The Politburo has set 2020 as the deadline for completing the revival of these loss-making projects.