Vietnam may release report on Vinashin next month

Vietnam plans to release a report by mid-December on the role of senior government officials in the near-collapse of state-run Vietnam Shipbuilding Industry Group, the Thoi Bao Kinh Te Vietnam newspaper said.

Vietnam plans to release a report by mid-December on the role of senior government officials in the near-collapse of state-run Vietnam Shipbuilding Industry Group, the Thoi Bao Kinh Te Vietnam newspaper said.

The next Central Committee meeting of the ruling Communist Party will begin Dec. 13, the newspaper reported, without saying where it got the information. The findings will be presented before that meeting starts, Prime Minister Nguyen Tan Dung told lawmakers yesterday in a speech.

National Assembly members have called for officials to be held accountable for deteriorating finances at Vinashin, which accumulated total debts of 86 trillion dong ($4.4 billion). Such public questioning of the Communist Party reflects a push to make Parliament more autonomous.

In yesterday’s address Dung said he “takes responsibility for the shortcomings and weaknesses as head of the government.”

Vietnamese authorities have arrested at least five people, including the group’s former chairman, after the shipyard expanded into industries ranging from securities to tourism. The company was “facing the risk of bankruptcy” in June, according to an Aug. 4 government statement.

The government has approved a restructuring plan for Vinashin that includes transferring units to other state-owned companies and reducing its debt by 38 percent.- Bloomberg

Tags: Vietnam Shipbuilding industry, Vinashin restructure