MPI curtails state investment projects
Source: 26-JUL-2008 Intellasia | 24/Jul/2008 Thoi Bao Kinh Te Vietnam
Jul 26, 2008 - 7:00:00 AM Ministry of Planning and Investment (MPI) on July 27 announced the results of checking over the re-arrangement of investment plans of 15 state groups, corporations, 36 ministries and branches, and 64 localities under the prime minister's order.

The result is that total 2,971 state investment projects were removed or delayed with the curtailed money amount of 35.358 trillion dong. In which, the number of removed or delayed projects at groups and corporations (based on the investment list set for 2008) are 1,003 worth 29.366 trillion dong, falling 12.05% in value against the previous plan.

As reported, state groups and corporations that have the largest number of curtailed projects include Vinashin with 6.5 trillion dong, Vinalines 6.214 trillion dong, PetroVietnam 6.645 trillion dong, and VNPT 1.868 trillion dong being reduced.

Up to this time, the total curtailed capital of state entities reached nearly 51.5 trillion dong including six trillion dong from cutting regular state spending and budget spending, 10 trillion dong from delaying the disbursement of 25% capital raised from government bonds, added MPI.

Head of National Economics Department, Bui Ha said that factually, total investment capital demand for the economy will unchanged due to over 35 trillion dong curtailed from nearly 3,000 state projects will be used to arrange capital for more urgent and effective projects or transition projects in next years.

The check over state project reduction has been just carried out in 15 state groups and corporations. In the next time, MPI will combine with other agencies to continue checking over other 55 companies. So the curtailed investment capital volume could be much higher, according to Ha.