Vietnam’s Government Inspectorate has urged the Ministry of Public Security to investigate PetroVietnam’s US$359m polyester fibre manufacturing plant in Hai Phong after it reported huge losses.
The plant started operations in 2008 as a joint venture between the state-run PetroVietnam and the Vietnam National Textile and Garment Group (Vinatex), and was expected to help reduce the country’s reliance on imports of polyester fibre by 30%.
However, just a few years after start-up, the Dinh Vu polyester manufacturing plant (PVTex) made losses of VND1.47trn (US$66m), including VND21bn (US$940,000) in 2012, VND366bn (US$16.4m) in 2013 and VND1.08trn (US$48.4m) in 2014. As a result, the plant had to close by late 2015, leaving 1,000 workers unemployed.
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