>> Vinashin\'s former leader arrested for deliberate violations
>> Vinashin chairman faces criminal investigation
>> Vietnam giant Vinashin to undergo Government review
Criminal investigations into Vinashin\'s former chairman, Pham Thanh Binh, will be thoroughly pursued, according to the Standing Deputy Prime Minister.
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| Standing Deputy Prime Minister Nguyen Sinh Hung answering questions about Vinashin’s violations. (Photo: Hong Ngan). |
Standing Deputy Prime Minister Nguyen Sinh Hung, said both objective and subjective reasoning contributed to Vietnam Shipbuilding Industry Group’s (Vinashin) serious financial collapse. However, Vinashin’s previous significant contributions to the country’s economic development cannot be denied, Hung added.
The weaknesses and intentional violations from Vinashin’s managers in the use and investment of State funds, as well as the contribution of some other major factors, caused the giant company’s economic stability to plummet while shooting debts through the roof.
Nguyen Sinh Hung answered the following questions from the media during a press conference August 4:
Vinashin’s downfall in business had been pointed out by the media for years. Why, until now, only when the Central Inspection Committee finally draws a conclusion, does the government decide to restructure Vinashin?
The government had wanted to tackle this matter at an early stage, but for anything to be done properly, it has to go through certain procedures. Investigations were carried out, but we had not been able to control and detect these problems timely enough to prevent it from occurring altogether.
Vinashin’s purchase of a ship, for instance, would already be completed before being uncovered by inspectors. It would have been better had we been able to take this in control earlier. The chairman was empowered for investment decisions however, the government will have learned from this lesson and be more careful in the future.
You said that the head manager of Vinashin, if found to have caused serious consequences, will be prosecuted. What has the government done so far to clarify the chairman’s responsibilities and deal with them?
Currently, the government is still checking and investigating related evidence to the offenses committed by the chairman - general manager of Vinashin. Once the investigation is concluded, the government will hand out proper disciplinary actions to him according to Vietnamese laws and so as to have the trust of the people.
According to the government, Vinashin will be completely restructured. On what basis will this restructuring be carried out and is it feasible?
The government aims to develop Vietnam’s mechanical engineering industry with marine engineering and shipbuilding engineering in particular. This is a decision that has been agreed on by both the Party and the government, which we had informed and reported to the Politburo.
Because Vietnam is a nation endowed with a vast sea area, the development of the maritime industry is extremely important. Despite its many failures, Vinashin is still in our control.
If we dismissed Vinashin, we would still have to rebuild the shipbuilding industry and Vinashin’s current unfinished projects, factories and machinery would become totally wasted. We have to be determined in our attempts to make it work.
The reason I mention this is that now, Vinashin is being closely monitored, and once we could determine a development strategy, Vinashin’s business projects will be narrowed down from 185 down to 28. But for now, only 13 are feasible.
Vinashin’s main business line, from now on, will focus on shipbuilding, its support industries, and exclude the sea shipping industry.
