While some of the 12 loss-making projects have managed to turn around, some of them are still wallowing in difficulties. Most of the 12 notorious loss-making projects are still in limbo According to the latest information published by the Ministry of Finance, to date, two of the 12 loss-making projects, namely DAP 1 Haiphong fertiliser plant and the complex of Quy Xa iron ore mining and quarrying project and Lao Cai iron and steel plant, now operate at a profit. Besides, five other projects are making efforts to be removed from the list. These include Ha Bac, Ninh Binh, and DAP 2 Lao Cai fertiliser plants, Dung Quat Shipbuilding Industry Co., Ltd., and Dinh Vu polyester fibre factory. Meanwhile, the Binh Phuoc ethanol biofuel project and Bio-Ethanol Dung Quat plant have suspended operations after defaulting on their debts. As of December 31, 2017, the total debts of the 12 loss-making projects increased by VND3.44 trillion ($150.8 million) to VND58.5 trillion ($2.56 billion), almost all of which is threatening to become bad debts. The remaining three are projects which have yet to finish construction. Vietnam Paper Corporation (Vinapaco) is seeking approval to apply a 10 per cent discount to increase the… Read full this story
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