The Ministry of Transport (MoT) has not made the specific report on investment projects of the Shipbuilding Industry Corporation (SBIC) which seem ineffective as guided by the Ministry of Planning and Investment (MPI).
Vinalines has three ineffective investment projects. Photo: Fica
According to the MPI’s Official Letter No.7454/BKHDT-PTDN regarding the Report on the Study on improvement of investment effectiveness of the State-owned enterprises, some of MoT’s investment projects seem ineffective.
The report stated in MoT’s Official Letter No. 8694/BGTVT-QLDN dated August 04, 2017 shows that there are two companies which have investment projects appearing ineffectively. The two companies are subsidiaries of the SBIC and Vietnam National Shipping Lines Corporation (Vinalines).
From the period of 2000 to 2010, SBIC had about 700 investment projects, of which 238 projects had been approved by the competent authorities. Currently, SBIC is deploying the restructuring Scheme under the Decision No. 1224/QD-TTG dated July 26, 2013 of the Prime Minister approving the Scheme on continuous restructuring of SBIC.
Based on the MoT’s Official Letter No. 8694/BGTVT-QLDN, the holding company - Vinalines has 3 investment projects which seem ineffective.
First, Van Phong International Transshipment Port project had the total approved investment capital of VND6,175.7 billion (equivalent to US$227.18 million). The project has been suspended since 2012 and is under hand-over process to the Vietnam Maritime Administration;
Second, the Cai Cui port project had the total approved investment capital of VND829.8 billion (equivalent to US$36.58 million); however, the profit is much lower than the approved investment capital;
Third, container warehouses project in Hai Phong city had the total approved investment capital of VND352.95 billion (equivalent to US$15.55 million). The project has suffered losses since it was put into operation.
Vinalines Ship Repair Co. Ltd (a subsidiary of Vinalines) has an ineffective investment project. The investment and construction project of the Vinalines southern ship repair factory had the total approved investment capital of VND6,490 billion (roughly US$286 million). The project was commenced in 2008. By the end of April, 2016 Vinalines had completed the capital divestment and received VND81.787 billion (approximately US$3.6 million).
Bien Dong Transportation One Member Co., Ltd (a subsidiary of Vinalines) has 02 projects of building new container ships. The two project had the total approved investment capital of VND1,140.66 billion (equivalent to US$50.27 million). However, from 2009 to present, the two projects have been suffering losses with accumulated losses of VND1.608 billion (roughly US$70.86 million).
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