ex. Game, Music, Video, Photography

Steel project waits for Chinese contractor after four-year delay

A project to expand production at a key steel producer came to a halt after the Chinese contractor withdrew four years ago, and discussions to get it back on track remain ongoing.

Ngày đăng: 13 tháng 9, 2021
Cập nhật: 18 tháng 1, 2023
Lượt xem: 308136598
Nguồn: vnexpress

Around 10 years ago, Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO) signed a contract with China's Metallurgical Group Corporation (MCC) to build a steel factory with an output of 500,000 tons of steel billet and 500,000 tons of steel bars per year. The total investment was planned at more than VND3.8 trillion ($170 million).

The steel plant is still standing dormant after four years. photo by H.D

The project was first launched in September 2007, but not long after it was delayed due the global economic crisis. In 2009, the project started up again with investment capital projected at VND8.1 trillion ($360 million).

The project returned to a standstill in June 2012 after TISCO encountered capital difficulties, causing the Chinese contractor to withdraw from the project. A document sent by state auditors to the Ministry of of Industry and Trade said at that time 93 percent of machinery and equipment had been paid for MCC, but the contractor had not handed over important equipment like control devices.

Under the contract with MCC, as December 31, 2015, the total investment value of the project was VND4.4 trillion. TISCO said in a new report released on March 29 that it had raised a further VND3.5 trillion for the project .

"However, negotiations with MCC are ongoing, so the project is still in limbo," the report said.

To relaunch the project, TISCO will  have to cover the cost incurred during the four-year delay, hiking up the total cost to as much as VND9 trillion. After adjusting the cost down, TISCO estimated the total cost for expanding the steel plant at VND7.8 trillion.

Thai Nguyen Iron and Steel Joint Stock Corporation is one of the five largest steel producers in Vietnam, with 42.11 percent belonging to the Vietnam Steel Corporation (VSC) and 35.21 percent to the State Capital Investment Corporation (SCIC).

The company made a loss of VND291 billion in 2013, a loss of VND79 billion in 2014 and a profit of VND87 billion in 2015, which came from interest of VND1 trillion contributed by SCIC.


Tin tức liên quan

Vietnam lose 0-2 to Saudi Arabia in U23 Asian Cup quarterfinals
football 13/12/2022

Vietnam lose 0-2 to Saudi Arabia in U23 Asian Cup quarterfinals

football | 440106600

Vietnam petitions US to re-evaluate catfish import restrictions
business 16/09/2021

Vietnam petitions US to re-evaluate catfish import restrictions

business | 320226613

Record anti-dumping duties pose a threat to local pangasius exporters.

US says will be consequences for China
news 09/09/2021

US says will be consequences for China's militarization in disputed waters

news | 274686606

U.S. intelligence had seen signs that China had moved weapons systems to the Spratly Islands.

Hanoi air pollution goes from very bad to much worse
news 13/09/2021

Hanoi air pollution goes from very bad to much worse

news | 306066620

The air pollution index soared to stratospheric levels in Hanoi on Monday and photos captured the smog that has blanketed the capital city.

Decade-long family feud ends in bitter property lawsuit
life 14/09/2021

Decade-long family feud ends in bitter property lawsuit

life | 309866607

A 72 year old Vietnamese-French woman had planned a happy retirement with her husband, but her careful planning turned into a nightmare and a prolonged property dispute with her niece in Ho Chi Minh City.

Dutch club fans don’t favor extension of Vietnamese defender
sports 14/09/2021

Dutch club fans don’t favor extension of Vietnamese defender's contract

football | 310146608

Most SC Heerenveen fans don’t want to keep Vietnamese defender Doan Van Hau with the Dutch club next season, a poll has found.

 Hanoimilk’s rise and fall
business 17/03/2021

Hanoimilk’s rise and fall

companies | 16566024

Former leading dairy producer Hanoimilk is struggling amid fierce competition and hopes for investment from a bigger player.

Central Vietnam seafood eatery cheats foreign guests
news 25/09/2021

Central Vietnam seafood eatery cheats foreign guests

news | 338586606

Some Malaysian customers were billed over VND9 million ($387.76) for a meal at a Nha Trang seafood restaurant.

 The Crusoe of the matter: family prefers life on isolated island
life 20/03/2021

The Crusoe of the matter: family prefers life on isolated island

trend | 15006653

For 30 years a family has been living by itself on an island in the middle of a lake in southern Dong Nai Province.

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý
Loading…