Government urges Vinashin to hasten restructuring process

Vinashin urged to prevent new financial duties

Deputy Prime Minister Hoang Trung Hai has requested that Vinashin–Vietnam Shipbuilding Industry Group– speed up its restructuring process and pay immediate attention to resolving its financial problems.

The Deputy Prime Minister recently presided over a meeting about this situation with leaders from the Ministries of Transport, Finance, Planning and Investment, as well as the State Bank of Vietnam, the Vietnam Development Bank and Vinashin.

Hai directed Vinashin to concentrate on dealing with its financial problems since its unsettled debts have resulted in serious consequences for domestic financial institutions as well as the national economy overall.

“Vinashin must step up the re-arrangement of its subsidiaries as well as pay proper attention to business plans for remaining enterprises,” Hai requested.

He urged that Vinashin  actively seek domestic shipbuilding clients, with particular attention to tourism ships and small-sized seagoing ships, in order to ensure jobs for their employees.

“It’s necessary for Vinashin to prevent any new financial setbacks,” he emphasised.

He assigned the Ministry of Transport to co-ordinate with the Ministry of Industry and Trade and other relevant agencies to study the situation and propose plans to increase the market share of import-export shipping for the Vietnamese shipping fleet. And they should make a progress report to the Prime Minister as soon as possible.

Relevant ministries and branches were requested to analyse Vinashin’s proposals with a view to gradually supporting it in overcoming the challenges ahead.