It is not true that all the eight subsidiaries of SBIC suffered losses or went bankrupt as previously thought by many. For instance, Song Cam Shipbuilding Joint Stock Company has enjoyed profits for several straight years.

SBIC is still bogged down in difficulties that it has experienced over the last six years, since the day Vinashin (the Vietnam Shipbuilding Industry Group), the forerunner of SBIC, collapsed.

It is still unclear about the fate of its 73 subsidiaries. SBIC has requested the State Capital Investment Corporation (SCIC) to take over the companies, so as to help SBIC ease the burden on its shoulders.

The first steel fishing vessels built under a Government pilot project have helped fishermen enjoy bumper catches by staying longer in Vietnam’s offshore fishing grounds.

The Shipbuilding Industry Corporation (SBIC) was tasked with building steel vessels to replace tens of thousands of wooden boats nationwide, promoting offshore catch quality and the safety of fishermen.

Commercial banks have been allowed to keep Vinashin’s bad debts in “pending” status and do not have to declare the debt as bad debt on their financial reports.

They can also make provisions against risks in accordance with their financial capabilities.

In its golden age, Vinashin, a once-leading group in shipbuilding (an industry that Vietnam had once targeted as a priority for development) was a VIP client of many commercial banks.

HA NOI (Biz Hub) — The Shipbuilding Industry Corporation (SBIC) will release its initial public offering (IPO) by 2015, said Chairman Nguyen Ngoc Su.

The corporation expects to equitise four member units, including the Vinashin Corrugated Iron Company, and the Chan May Port, Ha Long and Cam Ranh shipyards this year, said Su to the online VnExpress newspaper.