According to the Government's 2022 report on practicing thrift and combating waste, up to now, a number of weak and loss-making projects and enterprises have had many changes in production and business.
Specifically, in the 5 projects, the Politburo agreed in principle to assign the Chemical Group (Vinachem) and the Vietnam Oil and Gas Group (PVN) to use the legal capital of the enterprise to proactively implement the handling plan. There was 1 project, the DAP1 Fertilizer Production Plant - Hai Phong of DAP Joint Stock Company - Vinachem) that stopped accumulating losses, from 2017 to present, production was stable, and annual profits were made.
Another project with many positive changes is Dinh Vu Polyester Fiber (belonging to PVN). This factory has maintained maximum production and efficiency of 27 fiber lines, revenue offsets variable costs and has profit before fixed costs...
Production and business results in 2021 showed that the total revenue of this project reached 301 billion VND (up 49% compared to the plan, up 182% compared to 2020); profit before fixed costs is estimated at 17 billion VND; by the first quarter of 2022, the DTY yarn production output was 3,002 tons (reaching 91% of the first quarter 2022 plan, up 49% compared to the first quarter 2021).
Of the 7 projects, the remaining enterprise has 3 projects for fertilizer production, including the project to renovate and expand the Ha Bac Nitrogenous Fertilizer Factory; the Ninh Binh Nitrogenous Fertilizer Factory project and the DAP Fertilizer Factory No. 2 - Lao Cai project.
The above projects have maintained production and business; made efforts to master technology, gradually increasing average machine capacity compared to design capacity.
"Although as of June 30, 2022, there was an accumulated loss of VND 13,394 billion, from 2021 to now, due to the favorable market, the production and business results of the 3 projects and enterprises have improved," the report said.
| Agencies and enterprises have been and are continuing to complete and report to competent authorities the plan to handle and restructure 7/12 weak projects and enterprises, the remaining being the restructuring plan of Ha Bac Fertilizer and Chemical Company, Ninh Binh Nitrogen Company and Vinachem DAP No. 2 Company; the plan to handle TISCO and VTM projects, Dung Quat Shipyard and Phuong Nam Pulp Factory. |
The Thai Nguyen Iron and Steel Project Phase 2 has been in the works for 14 years but has yet to be completed. Many former leaders of the Thai Nguyen Iron and Steel Corporation (TISCO) have been caught up in legal trouble. Now, the project is facing a “life or death moment”.
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