12 ineffective projects soon resolved

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Dinh Vu fiber production plant had a deficit of more than 1,400 billion vnd.

According to the Ministry of Industry and Trade, Mr. Tran Quoc Vuong, the Deputy Minister of Industry and Trade has recently chaired a meeting of the Steering Committee of the Ministry of Industry and Trade to handle problems of suspended and ineffective projects. Mr. Vuong has requested the Planning Department to coordinate with general departments and specialized departments to seek solutions for 12 projects to report to the Ministry of Industry and Trade before 10th February 2017.

The report was constructed as follows: Financial report (report on each specific project, including the main content and an overview of the projects; difficulties and plans for dealing with problems) and appendices including reports of groups and corporations on 12 projects.

In addition, Mr. Vuong has also required groups and corporations to review and clarify responsibility of individuals and organizations for each project. When implementing review and evaluation, there is a need for attendance of members of the Internal Affairs Committee (the Office of Government), general departments, specialized departments, the Personnel and Organization Department and the Inspectorate Department of the Ministry of Industry and Trade. Accordingly, they must report to the leaders of the Ministry of Industry and Trade in February 2017.

Earlier, the Prime Minister issued Decision No. 2551/QDD-TTg of 30th December 2016 on the establishment of the Steering Committee on handling problems and weakness of some ineffective projects and weak enterprises in the sector of industry and trade.

Accordingly, in addition to 5 unprofitable plants and projects, and unprofitable and inefficient operations that the National Assembly announced at the 2nd Session (including Dinh Vu fiber production plant, Phuong Nam pulp mill project, Thai Nguyen iron and steel plant at stage 2, Dung Quat bio-Ethanol Dung Quat plant and Ninh Binh fertilizer plant), the Steering Committee has also added 7 other ineffective factories and projects.

They include: Ha Bac protein plant, DAP 1 Lao Cai protein plant, Hai Phong DAP 2 protein plant, Binh Phuoc Ethanol plant, Phu Tho Ethanol plant, Dung Quat shipyard, a joint venture between Quy Sa mining and Lao Cai iron and steel plant.

For these projects, functional authorities need to handle and resolve in accordance with the Resolution of the National Assembly and the direction of the Prime Minister, Mr. Nguyen Xuan Phuc, in order to reduce the risks of loss of investment and State resources.

At the meeting in December 2016 at the Office of Government for implementation of the direction of the Prime Minister; Mr. Vuong Dinh Hue - the Deputy Prime Minister emphasized that the handling of ineffective plants and projects must be in line with direction of the Central Party's Resolution No. 05, XII as follows: "Need to resolutely handle losses of State enterprises and the investment projects of ineffective State enterprises in accordance with the principles of the economy".

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The Deputy Prime Minister, Mr. Vuong Dinh Hue has proposed to the Steering Committee to study the resolutions of the National Assembly, the Government and the guidance of the Prime Minister on the restructuring of State-owned enterprises.