The Government Inspectorate has just disclosed various wrongdoings in the production expansion project at state-owned Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO) in which million of dollars have been lost. Thai Nguyen Iron and Steel Joint Stock Corporation According to a report released on February 20 by the Government Inspectorate, the project was approved in 2005 by the then prime minister at an initial tally of VND3.843 trillion, or USD242.5 million given the exchange rate at that time at VND15,850 to the dollar. The project, which was scheduled to be completed within two and a half years, was intended to triple the capacity of steel billet production from 250,000 tonnes to 759,000 tonnes and included two major bidding packages and 22 other smaller components. A major package to develop a chain of metallurgy technology operations, worth roughly VND2.3 trillion (USD143 million), at an annual capacity of 500,000 tonnes of steel billets. In 2007, … [Read more...] about Thai Nguyen loss-making steel project faces problems
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Delayed steel project has investment blown out of proportion: InspectorateThe Saigon Times Daily A view of the long-deserted plant at the State-run Thai Nguyen Steel and Iron Corporation. It is among 12 loss-making megaprojects of the industry and trade sector – PHOTO: THANH NIEN NEWSPAPER The Government watchdog recently released its years-long inspection results for TISCO’s phase-two production expansion project, which is among 12 loss-making megaprojects that the Ministry of Industry and Trade is struggling to manage. Poor administration by relevant State agencies over the years has prompted the steel-and-iron project to grind to a halt despite huge investment, and the project owner still has to spend some VND40 billion a month to service bank loans, according to Thanh Nien. Cost overrun In late 2004, the then Prime Minister gave TISCO the go-ahead to draft a feasibility study for tripling the capacity of steel billet production from 250,000 tons to 759,000 … [Read more...] about Delayed steel project has investment blown out of proportion: Inspectorate
Vietnamese firms join world’s largest food, beverage fair in UAE Vietnam pavilion at Gulfood 2018 (Source: laodong.vn) Twenty Vietnamese enterprises will showcase their products at the 24th edition of Gulfood – the world’s largest annual food & beverage trade exhibition – in Dubai, the United Arab Emirates, from February 17-21. The firms include the Vietnam Dairy Products Joint Stock Company (Vinamilk), the Hanoi Trade Joint Stock Corporation (Hapro), the Nafoods Group and the Vietnam Hanfimex Corporation. The Agricultural Trade Promotion Centre under the Ministry of Agriculture and Rural Development will organise the Vietnam pavilion at Gulfood. The event is expected to help Vietnamese enterprises find consumers, sign export contracts and expand their market share in the Middle East, Africa and Southwest Asia. They can also introduce Vietnamese agricultural products, food and beverages and promote Vietnamese brands to foreign visitors, according to the … [Read more...] about BUSINESS NEWS IN BRIEF 14/2
China probes stainless steel imports from Indonesia, EU, Japan and KoreaThe Saigon Times Daily An employee works among stainless steel sheets at a steel factory in Taiyuan, Shanxi province, China, September 2, 2015 – PHOTO: REUTERS BEIJING (REUTERS) - China on Monday launched an anti-dumping probe into stainless steel imports worth US$1.3 billion, including from a privately owned Chinese mill with operations offshore, after complaints that a flood of product has damaged the local industry. The Commerce Ministry said on Monday the investigation will target imports of stainless steel billet and hot-rolled stainless steel sheet and plate from the European Union, Japan, South Korea and Indonesia, which nearly tripled last year. The move follows a complaint by Shanxi Taigang Stainless Steel, with backing from four other state-owned mills including Baosteel’s stainless steel division, which blamed cheap imports on falling prices, it said. China makes and consumes around … [Read more...] about China probes stainless steel imports from Indonesia, EU, Japan and Korea
The consecutive decrease in profit makes it questionable whether domestic private Hoa Sen Group can develop the $10.6-billion Ca Na steel project in the central province of Ninh Thuan. Hoa Sen Group may not be able to develop the $10.6 billion Ca Na steel complex? According to CafeBiz, steel maker Hoa Sen Group has published a bleak financial statement for the first quarter of 2018 (the second quarter of the 2017-2018 financial year ending in September this year). Accordingly, the firm reported VND7.66 trillion ($336.5 million) in revenue, up 23 per cent on-year. However, its net profit was only VND115 billion ($5.05 million), one-fifth of last year’s figure. The firm’s after-tax profit was only VND87 billion ($3.82 million). The major reason for this plunge is due to the increase of expenditures, including interest payments for debts. Notably, the corporation’s short-term debt increased by VND3.6 trillion ($158.1 million) to VND16.24 trillion ($713.5 … [Read more...] about Bad performance spells doom for $10.6 billion Hoa Sen Group steel complex?