Government inspectorate to inspect Vinalines

The Government Inspectorate on September 7 announced its decision to inspect the management and use of capital and assets of Vietnam National Shipping Lines (Vinalines).
According to the local newswire Tuoi Tre (Youth), the inspection duration will be 75 actual working days since the publication of inspection decision at the group. Inspection period starts from January 1, 2007 to December 31, 2010 with long-term investment activities.

As of the end of June 2011, Vinalines contributed capital in 53 subsidiaries and associated companies with a total value of around 3.46 trillion dong. Of which, its capital contribution to shipping enterprises was about 1.556 trillion dong, capital contribution to seaport firms was about 885 billion dong and about 370 billion dong for securities, insurance and real estate fields.

At the preliminary meeting of the first six months in 2011, Vinalines announced 660 billion dong loss in Jan-Jun. This is the first time Vinalines posted loss after 16 years of establishment and operations.

Of the 660 billion dong loss, the losses of Vinalines’ subsidiaries were 507 billion dong. Particularly, five enterprises that were transferred from Vietnam National Shipbuilding Industry Group (Vinashin) to Vinalines, under the restructuring scheme of Vinashin, posted the total loss of 153 billion dong. – Vietbiz24

Tags: Vinalines

Posted by VBN on Sep 9 2011. Filed under Transportation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry