Home Industries

New corporation to restructure Vinashin

Nov 2nd at 20:11
02-11-2013 20:11:01+07:00

New corporation to restructure Vinashin

The Ministry of Transport announced the establishment of the Shipbuilding Industry Corporation (SBIC) yesterday.

The corporation will take charge of restructuring of the (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, with a charter capital of VND9,520 billion ($453.3 million).

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.

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.

vietnamnews

MOST READ

NEWS SAME CATEGORY

Vinashin model officially abolished
INDUSTRIES Nov 1st at 13:51

Vinashin model officially abolished

The newly-issued decision by the Ministry of Transport announces the birth of a new corporation named SBIC and the officially deletion of the disreputable Vinashin...

Stretched VN prepares for energy imports
INDUSTRIES Oct 29th at 13:42

Stretched VN prepares for energy imports

Viet Nam will likely have to import crude oil and coal by 2015 due to high rising power demands and restricted mineral resources.

Nokia's new Viet Nam phone factory gets excellent reception
INDUSTRIES Oct 29th at 13:34

Nokia's new Viet Nam phone factory gets excellent reception

Nokia yesterday inaugurated its first cell phone manufacturing base in Viet Nam, which has been operational since June this year.

Spotlight turns to future of hydro-power
INDUSTRIES Oct 28th at 13:19

Spotlight turns to future of hydro-power

The National Assembly Committee on Science, Technology and Environment gathered to review the government's report on reviewing the hydro-power development master...

TPP will make Vietnam the world’s biggest garments center
INDUSTRIES Oct 25th at 14:14

TPP will make Vietnam the world’s biggest garments center

Analysts believe that once joining the Trans Pacific Strategic Economic Partnership (TPP) agreement, Vietnam would have the opportunity to become one of the three...

Textile, garment equipment exhibition opens
INDUSTRIES Oct 25th at 13:49

Textile, garment equipment exhibition opens

The Viet Nam International Textile and Garment Industry Exhibition opened yesterday in HCM City with the participation of 200 companies.

Vietnam repeats “hydropower mistake” with oil refineries?
INDUSTRIES Oct 23rd at 13:38

Vietnam repeats “hydropower mistake” with oil refineries?

Experts have warned that Vietnam may become the place for foreign investors to export backward petrochemical technologies.

Vinacomin outlines ambitious end of year coal export target
INDUSTRIES Oct 23rd at 13:20

Vinacomin outlines ambitious end of year coal export target

The Viet Nam Coal and Mineral Industries Group (Vinacomin) plans to export 11.9 million tonnes of coal this year, said Vinacomin Deputy Director General Nguyen Van...

Heat goes out of VN solar projects
INDUSTRIES Oct 22nd at 13:30

Heat goes out of VN solar projects

Solar panel production projects in Viet Nam are stalling mainly due to difficulties in the global solar panel market.

Vietnam’s petrochemical oil refinery projects gear up
INDUSTRIES Oct 21st at 13:39

Vietnam’s petrochemical oil refinery projects gear up

Vietnam has been gradually proceeding towards a petrochemical industry comprising of all phases of a production line.

Read More

MOST READ

Back To Top