More state-funded projects continue facing lossesThe Ministry of Planning and Investment (MPI) has announced a list of 42 state-funded projects valued at VND43 trillion (USD1.9 billion) that have faced ineffective operations and losses. The Shipbuilding Industry Corporation (SBIC) and Vietnam National Shipping Lines (Vinalines) are among the Ministry of Transport’s most debt-hit projects. However, the ministry has yet to make a detailed report on SBIC’s ineffective projects. The ineffective operations and losses of the projects are attributed to weak investor capacity along with the lax management by authorities. Dr. Luu Bich Ho, former head of the MPI’s Development Strategy Institute, said that state-owned ineffective projects have been warned about on numerous times and for many years.

Source: VietNamNet News October 01, 2017 03:56 UTC