The Government Inspectorate announced an impending audit on state-run Vietnam National Shipping Line (Vinalines) to assess its capital management.
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| The Government Inspectorate announced an impending audit on Vinalines to assess its capital management. |
The 75-day inspection will focus mainly on the company\'s long-term investments between 2007 and 2010.
The firm reported losses of VND660 billion (USD31.7 million) for the first two quarters of this year.
These were the first losses they have reported in the entire 15 years of operation.
Nguyen Canh Viet, General Director of Vinalines, said that over the past three years sea transport business has faced difficulties, mainly due to sharp decrease of freight costs. He also added that the increasing incidents of piracy have also added to their bad performance.
After a short rebound last year, the domestic maritime transport industry has increasingly suffered this year. The general director of Vinalines added that many other shipping companies are taking losses.
On the other hand, Ho Nghia Dung, the former Minister of Transport, said that Vinalines should take some responsibility for it\'s losses in terms of management, instead of blaming it on interest rates, weather and other factors.