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Prime Minister Nguyen Tan Dung approved a plan to restructure shipbuilding giant Vinashin scheduled from 2011 to 2013 after its near tragic collapse this year.
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| Vinashin is aimed to be a core unit of the national shipbuilding and repair industry |
The move is aimed to stablise operations of Vinashin (Vietnam Shipbuilding Industry Group), settle debts and recover the group’s prestige.
The restructuring plan will focus on the three mains areas of shipbuilding and repair services; developing supporting industries for shipbuilding and raising the skills of employees. It is hoped to develop Vinashin as a core unit of the national shipbuilding and repair industry which is a key for the country’s sea-based economic development.
Vinashin is urged to use capital effectively, mitigate losses in investment projects and withdraw non-core investments to concentrate on the main area of shipbuilding and repair.
After being restructured, Vinashin will operate under the model of a holding company and affiliates which all have legal status, capital and assets. Vinashin will have a holding company comprised of wholly state-owned capital, 15 affiliates, two joint ventures, one associate company and two non-productive units.
The rearrangement of Vinashin’s affiliates will follow the forms, including privatisation, liquidation and bankruptcy.
The Ministry of Finance is assigned to oversee the shipbuilder’s debt settlement, capital mobilisation and other financial activities and the Ministry of Planning and Investment will work with concerned agencies to supervise and assess the efficiency of Vinashin’s projects.
The Ministry of Transport will supervise the restructuring plan implementation and timely inform the prime minister of problems. The State Bank of Vietnam will instruct credit organisations to provide new loans for Vinashin in line with laws
Vinashin’s troubles As of June this year, Vinashin faced a total debt of up to VND86 trillion (around USD4.4 billion) due to its massive non-core, ineffective investments and bad management. Police have arrested six officials of Vinashin for deliberately acting against state regulations on economic management, including Chairman Pham Thanh Binh. The PM has recently acknowledged that the government and its affiliates were partially responsible for the bad performance of Vinashin. Many National Assembly delegates also urged that a provisional committee to inspect responsibility of government members in the Vinashin case. |
