Five of 12 delayed or previously loss-making projects under the Ministry of Industry and Trade have now become profitable, according to the Committee for Management of State Capital at Enterprises (CMSC).
Of particular note is the DAP 1 fertilizer plant in Hai Phong, under the Vietnam National Chemical Group, which has seen stable production since 2017. As a result, it has not posted any losses since January 2022. It recorded after-tax profit of over VND354 billion ($14.9 million) last year, a year-on-year rise of an incredible 85.5 per cent.
Another is the Dinh Vu Polyester Fiber Plant, belonging to the Vietnam Oil and Gas Group (PetroVietnam), which has maintained the efficient production of 27 Drawn Texturized Yarn (DTY) lines and been posting profits. It produced some 10,314 tons of fiber last year and earned total revenue of VND219 billion ($9.24 million), on which it recorded a gross profit of VND30.58 billion ($1.29 million), up a whopping 84 per cent year-on-year.
Other projects have recorded similar positive changes.
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