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New corporation to restructure Vinashin

Update: November, 02/2013 - 09:29

HA NOI (VNS)  — The Ministry of Transport announced the establishment of the Shipbuilding Industry Corporation (SBIC) yesterday.

The corporation will take charge of restructuring of the (Vinashin) and its members.

Vinashin's restructuring plan was approved in 2010 after Government inspectors uncovered financial malpractices. At the end of 2009, the group was more than VND86.7 trillion (US$4.1 billion) in debt.

The ministry said the wholly State-owned SBIC would operate as a parent company for the group, with a charter capital of VND9,520 billion ($453.3 million).

The corporation will focus on building and repairing ships, and recycling and breaking up old vessels. It will also develop ports, harbours, waterworks and shipbuilding factories.

The SBIC will be responsible for the continuing rights, legal obligations and interests of Vinashin. It plans to equitise or merge 69 units, and sell or close the remaining 165. — VNS


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