The fate of five of the 12 loss-making projects remains hanging in the balance According to the latest report of the government about the 12 loss-making projects of the industry and trade sector, the common point in these disputes at five of the above projects is the presence of a Chinese contractor. The projects are Ninh Binh fertiliser plant, Ha Bac fertiliser plant, DAP 2 Lao Cai fertiliser plant, Dung Quat Shipbuilding Industry Co., Ltd., and Phase II of the expansion project of Thai Nguyen Iron and Steel Complex. In general, Chinese contractors are known for bidding low to win contracts, then asking for more, citing unexpected cost overruns. Most Chinese-contracted projects are completed behind schedule, amassing further costs. The investors and contractors negotiated with each other to deal with disputes but failed. Thus, the government’s report mentioned two solutions for these projects. The first solution is taking the disputes to the court or international arbitration. However, the government mentioned that the consultant teams for the investors of these five projects, especially the three projects under the management of Vinachem, opined that it would not be feasible to take Chinese contractors to court as their chances of winning these lawsuits… Read full this story
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