Vinashin committee works on restructuring group

Permanent Deputy Prime Minister Nguyen Sinh Hung has reiterated the need to consolidate the Vietnam Shipbuilding Industry Group (Vinashin)’s operations to help the group stabilise and develop into the key component of the country’s shipbuilding industry.

Mr. Hung, who is also head of the steering committee for the restructuring of Vinashin Group, made the statement at a working session in Hanoi on August 17.

The steering committee should make accurate assessments of the operational capacity of Vinashin’s holding company, subsidiary companies, joint ventures and investment projects as well as the group’s debts to find out the best solutions for restructuring, he said.

In an instruction signed on August 16, Prime Minister Nguyen Tan Dung required that any development plan for Vinashin should focus on three main operations, which are shipbuilding and repair, support industries for shipbuilding and training a skilled workforce in this field.

He asked the Ministry of Transport to present a plan on restructuring the group to him within the fourth quarter of this year.

The PM assigned the Ministry of Finance to be responsible for dealing with the group’s debts and devising schemes to ensure capital sources for production.

He requested Vinashin to assess the operational capacity of the holding company, subsidiary companies, joint ventures and investment projects and its finance, asset deficiency and debts.

He also asked the group to focus its resources on implementing its production plan and existing shipbuilding contracts, devise a scheme on loan repayment to credit organisations and review the group’s investment projects in the mentioned-above fields and sell or equitise the remaining fields within the law. – VOV

Tags: Vietnam Shipbuilding industry, Vinashin