The Government Inspectorate of Vietnam has decided to postpone its inspection of the Vietnam Shipping Industry Corporation (Vinashin) until June 2010.
The delay is a result of too many inspection teams being involved in the process.
According to the Prime Minister’s inspection agenda for 2010, all state-owned groups, including Vinashin, must be inspected. Vice Chief Government Inspector Mr. Mai Quoc Binh confirmed that despite having to put off the inspection, there will be no change to the plan; the inspection team will officially begin the inspection in June 2010.
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| Vinashin’s business activities have been suffering major losses as the company is continually losing money. |
Mr. Binh said the inspection plan for Vinashin was drafted back in 2009 but due to the economic crisis over the last year, the plan had to be postponed. At the moment, the Central Investigation Committee is working with Vinashin, thus causing Government Inspectors to put off their inspection.
Mr. Binh also said the inspection will focus on the finance management aspects of Vinashin. Things such as investment programmes, business activities that are outside its field, bank loans, and its ability to pay for the loans, will be fully examined. According to preliminary reports, Vinashin is reported to be in a huge amount of debt which is estimated to be around 1 billion USD.
The Vice Chief Government Inspector also mentioned the eight inspections that were deployed during the first two months of 2010 in accordance to the Government Inspectorate of Vietnam’s year plan. Those are Cau Gie and Ninh Binh highway construction project, renovating and upgrading of Hai Phong port in emergency stage and stage 2 project, Bao Viet Finance and Insurance Group, the State Reserve Bureau, the Military Bank, the import and export management of petroleum and steel at the Ministry of Industry and Trade, the national reserves circulation management for the prevention and treatment of people, and a few investment projects using capital budgets in Thanh Hoa province.
Mr. Binh also added that the inspection of petroleum and steel import and export management, and the Military Bank is almost complete. The first is being carried over from 2009, primarily to consider its management process, petroleum import input, prices and the distribution of this item on the market. This is an area that the government is very concerned about as the import amount and the foreign currency expenditure for this activity is particularly large.
