Vietnam is likely to stop the implementation of three national projects on iron ore exploitation, methanol production, and power plant construction, due to their inefficiency, local newspaper Saigon Liberation reported Monday.

After being authorized by Prime Minister Phan Van Khai, the Industry Ministry has proposed the National Assembly stop carrying out the 398.4-million US dollar project on exploiting and processing iron ores with an annual capacity of 1.4 million tons, and the 330-million dollar one on producing methanol with an annual capacity of 660,000 tons in southern Ba Ria Vung Tau province, mainly due to higher prices of fuel.

The two projects are feasible only when gas prices stand at 1. 75 dollars per BTU, not at 3.2 dollars as now, the ministry said.

Regarding the project on building a 120-MW power plant in the province, the ministry said its investor, Wartsila Company from Finland, has not sought enough investment for it, and asked the Vietnamese side to buy electricity at high prices.

Source: Xinhua