New corporation takes charge of Vinashin Group

Vinashin will be replaced by SBIC which is expected to push up Viet Nam’s shipbuilding industry in the future.

HA NOI (Biz Hub) — The Ministry of Transport announced the establishment of the Shipbuilding Industry Corporation (SBIC) today.

The corporation will take charge of restructuring of the Vietnam Shipbuilding Industry Group (Vinashin) and its members.

Vinashin’s restructuring plan was approved in 2010 after Government inspectors uncovered financial malpractices. At the end of 2009, the group was more than VND86.7 trillion (US$4.1 billion) in debt.

The ministry said the wholly State-owned SBIC would operate as a parent company for the group.

The corporation will focus on building and repairing ships, and recycling and breaking up old vessels. It will also develop ports, harbours, waterworks and shipbuilding factories. It  will be state-owned with eight subsidiaries and registered capital of approx $451 million, the Ministry said. The eight subsidiaries include:

1. Pha Rung Shipyard

2. Bach Dang Shipyard

3. Ha Long Shipyard

4. Thinh Long Shipyard

5. Cam Ranh Shipyard

6. SSIC Shipyard

7. Saigon Shipmarin Shipyard

8. Song Cam Shipyard

The SBIC will be responsible for the continuing rights, legal obligations and interests of Vinashin. It plans to equitise or merge 69 units, and sell or close the remaining 165. — VNS

This entry was posted in SBIC ( Vinashin ). Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s