Gov’t approves Vinashin’s restructuring scheme

The Government has approved Vinashin Business Group’s restructuring plan to stabilise the corporation’s operations while helping them pay off debts.

Under decision 2108/QD-TTg issued on Thursday, the Government will allow Vinashin to focus on three main areas of building and repairing ships, developing a shipbuilding support industry, and training workers.

The group has been asked to take a leading role in Vietnam’s shipbuilding industry which is key to developing Vietnam’s maritime industry and sea strategy towards 2020.

After restructuring, Vinashin will operate under the shareholding company model, with a parent company, subsidiaries, and stakes in other enterprises.

The parent company will work as a one member limited company with 100 % of its charter capital held by the State.

Vinashin’s subsidiaries include Nam Trieu Shipbuilding, the Bach Dang and Pha Rung corporations and two joint-ventures. It is also a shareholder in Hyundai Vinashin Shipyard Co.- VNS

Tags: Vietnam Shipbuilding industry, Vinashin restructure