Prime Minister Nguyen Tan Dung acknowledged that the government and its affiliates were partially responsible for the bad performance of Vinashin.
Vinashin (Vietnam Shipbuilding Industry Group) has been the subject of many reforms and much public outcry after the company was run amok and top leaders were found guilty of various infractions that led the company downhill.
The admission was made by the Prime Minister in the opening session of the 8th meeting of the 12th National Assembly being held in Hanoi.
Dung said the huge losses at Vinashin were due to its massive and ineffective investments and particularly the firm leaders’ lax management and irresponsibility.
He added that the government held some responsibility for the situation of the nearly-bankrupt shipbuilder in the state management, noting that it had found the reasons and taken measures to help recover the insolvent group.
Earlier, state media reported that Vinashin incurred a total debt of VND86 trillion (USD4.41 billion) by the end of June this year.
The government set up a taskforce to oversee the restructure of Vinashin, led by Permanent Deputy Prime Minister Nguyen Sinh Hung. The newly- reorganised shipbuilder only focuses on three main areas of shipbuilding and repair, supporting industry development and training shipbuilding human resources.
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