JavaScript is off. Please enable to view full site.

Vinashin Group to become new shipbuilding corporation

Friday, November 01, 2013, 10:17 GMT+7
Vinashin Group to become new shipbuilding corporation
A shipping line prototype is seen at the headquarters of Vinashin in this file photo. Vinashin is among the state-run enterprises operating with losses and whose foreign debts are repaid by the government.

The parent company and several subsidiaries of the Vietnam Shipbuilding Industry Group (Vinashin) will be restructured into a new shipbuilding industry corporation, the Ministry of Transport announced Thursday.

In its newly-released directive, the ministry announced the establishment of the Shipbuilding Industry Corporation (SBIC), which is apparently built from the wreckage of the heavily indebted Vinashin Group, which nearly collapsed in 2011 due to steep losses while several of its chief officials have been charged for financial wrongdoings.

The name Vinashin will officially become a thing of the past once the SBIC obtains its corporate license, according to the ministry.

SBIC is a Single Member Limited Liability Company whose 100 percent stake is held by the government. At the time of establishment, the total registered capital of the company is VND9.52 trillion (US$449.06 million).

The company and its eight subsidiaries will be operating under the direct management of the transport ministry, and the Minister of Transport is fully authorized to assign its chief officials.

The main businesses of SBIC is building, repairing, and maintaining vessels; operating seaports and wharfs; sea transporting; building shipyard and other water constructions; and supporting industries for the shipbuilding sector.

SBIC is also required to join hands with the government and the board to restructure Vinashin to completely settle its debts.

On October 10, Vinashin issued international bonds in a bid to restructure its $600 million worth of foreign bank loans.

Its debts from domestic sources are estimated at VND17 trillion ($801.89 million) and Vinashin officials said they will try to settle this by the end of this year, or the first quarter of next year.

Vinashin’s total debts amount to some $4 billion.

Tuoitrenews

More

Read more

Vietnam ladies’ dens for foreigners in the city

It’s a new disguised ‘variant’ of prostitution in Ho Chi Minh City, in which foreign males enter restaurants to meet and select girls to end their night at private homes or a rented house

6 years ago

A look inside male brothels

The service of male prostitutes, which is illegal in Vietnam, has increased with the rise of brothels and recent cases of arrests in Ho Chi Minh City

6 years ago
;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news