Vietnam giant Vinashin to undergo Government review

Government inspectors announced on last week an inspection of the Vietnam Shipbuilding Industry Group (Vinashin), which has debts of over VND80 trillion ($4.2 billion).

The Government has also issued Decision No. 1959/QD-TTCP to outline the investigation policies and implementation of Vinsahin’s new direction.

“The inspection on Vinashin is a part of the government\'s annual plans. The inspection results will be revealed to the media after 75 days,” read a statement released by Vinsahin.

According to Vinashin, the inspection was supposed to take place in 2009. However, due to the economic recession, the Prime Minister decided to delay the investigation of several groups and corporations until 2010.

Pham Viet Muon, Vice Director of the Government Office, told a press briefing last week that the restructuring process would not affect the inspection plan. He said the inspection would be “comprehensive,” not only on financial issues.

In a notice released on July 5 by the Communist Party of Vietnam Central Committee’s Commission for Inspection, the irresponsibility of Pham Thanh Binh, Party Committee Secretary cum Vinashin’s Chairman, was blamed for pushing the company to the brink of bankruptcy.