The Dinh Vu Polyester plant and Phu Tho Ethanol and Dung Quat Ethanol plants which have all been halted had racked-up big losses. 

The deputy PM has also instructed the Ministry of Public Security to join hands with the Central Internal Affairs Commission, Supreme People's Procuracy of Vietnam and Supreme People’s Court of Vietnam to add more projects to the list being investigated for evidence of corruption.

The Dung Quat Ethanol Project’s total investment capital increased to VND2.1 trillion (USD96 million) compared to the initial capital of VND1.85 trillion (USD84 million). After the first year of the operation in February 2012, the project incurred a loss of VND200 million.

Then due to additional losses, the project official halted operations in May 2015. The plant machinery has deteriorated since.

Phu Tho Ethanol project, which was scheduled to be completed in 2010, has not yet been finished to date despite the fourth increase in capital investment to VND2.5 trillion (USD58 million) from the initial VND1.3 trillion over the course of its construction.

Dinh Vu Polyester plant was put into official operation by late 2008, expected to help reduce the country's reliance on imports of the same kind of fibre by 30%.

However, just two years after entering operation, the project made huge losses of VND1.47 trillion (USD69 million). As a result, the plant had to close by late 2015, leaving 1,000 workers unemployed.

According to the Government Inspectorate, the initial investment capital of the plant was USD325 million, however, it was later raised to USD359 million.

The three PetroVietnam projects are among 12 Ministry of Industry and Trade projects which are facing big losses.

Dtinews