Samsung join restructuring in Vietnam?

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Samsung Group was reportedly called to join the restructuring of Vietnamese local shipbuilding from the Vietnamese government.

According to Vietnamese local press VNS, the Vietnamese government called on related departments to accelerate cooperation with Samsung Group for restructuring of domestic shipbuilding industry and etc.

Accordingly, the Ministry of Planning and Investment of Vietnam is working on choosing several potential projects to invite overseas investment till 2020 and it calls for Samsung’s help for this procedure.

Particularly, the Vietnamese government is planning to suggest Samsung to join efforts of Vietnamese local shipbuilding restructuring. Specifically, the government proposes that Samsung would join in efforts of management stabilization of Shipbuilding Industry Corporation (SBIC, formerly Vinashin Group).

The restructuring of SBIC which got to have massive debts due to reckless management is said to be complete around late this year or early next year and the shipyard is reportedly going through a debt adjustment procedure under an agreement with its domestic and overseas creditor group.

Meanwhile, the Vietnamese government is also said to be working on cooperation with Samsung in such sectors as plant, international airport, information technology and so on, alongside shipbuilding industry.