Govt annuls investment projects as measure to check inflation

06 Jun '08

2 min read

Every disaster is followed by a preventive measure just like the rising inflation in Vietnam, which has propelled the Government to come up with practical solutions.

The Ministry of Planning and Investment (MPI) has announced the list of state financed investment projects which have been annulled by the Government to curb inflation.

A total of 107 projects belonging to 28 ministries and state agencies worth US $44.9 million, have been either put on hold or cancelled completely.

However, there are some other ministries and state agencies who still haven't reported to the MPI about their put on hold and annulled projects. These include Ministry of Education and Training, Ministry of Science and Technology, Ministry of Construction, Ministry of Justice, Ministry of Home Affairs, Ministry of Natural Resources and the Environment, Hoa Lac Hi-tech Park, Vietnam Oil and Gas Group, Vietnam Textile and Garment Group, Electricity of Vietnam Group, Vietnam Post and Telecommunications Group, Vietnam Coffee Corporation, Papar Corporation and other organizations.

In case of state-owned groups, eight of have reported canceling and halting of 35 projects worth $37.6 million. On the other hand 43 provinces out of 64 reported the same for 888 projects which accounts for 15 percent of the total investment capital registered in 2008.

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