PM cuts wings of mining investors

The groups are Vietnam Shipbuilding Industry Group, Song Da Holdings, Vietnam Posts and Telecommunications Group and Bank for Investment and Development of Vietnam, according to a Government Office announcement.

Those groups has to divest from the in Ha Tinh province “to focus on their core businesses”, said the announcement.

However, it did not mention whether other companies could replace those groups.

Meanwhile, Dung also asked the remaining stakeholders Vinacomin, Vietnam Steel Corporation and Ha Tinh Mineral and Trade Corporation to promptly make a mining and billet manufacturing factory investment plan.

Thach Khe is the largest iron ore mining in Vietnam. The government assigned state-owned groups to invest in the project and build a two million-tonne billet manufacturing factory. However, the projects have been delayed for a long time.