Gov't resolve to recover shipbuilder Vinashin

Deputy Prime Minister Nguyen Sinh Hung has reiterated the Government’s policy to restructure Vinashin which is on the verge of bankruptcy and make shipbuilding the core of the national sea strategy to 2020. Board of the and several members of the group on August 14, emphasising that the Government would meet the group’s demand for charter capital after recalculating basic needs of each member of the group.
The steering board will work with creditors to discover the best solutions to the group’s current financial shortages, he promised.
Mr Hung called for reviewing Vinashin’s list of projects and restructuring its subsidiary companies as the first step in its reconstruction.
“The new Vinashin should focus on shipbuilding and maintenance, developing supporting industry and training a skilled shipbuilding workforce in order to meet market demand, both at home and abroad.
“The group’s capital structure will also be reformed to include State money and investments from creditors,”  Mr Hung said.
His plan was supported by leaders of Hai Phong city and Quang Ninh province with promises to provide assistance for Vinashin subsidiaries in their localities. They include Ha Long Shipbuilders, the Cai Lan Steel one-member limited liability company, and the Bach Dang Shipping Industry Corporation, the leaders of these companies were also present at the working session.
The working session was held just one day after the Government decided to establish the steering board on restructuring Vinashin to help the former shipbuilding giant recover from its huge debt of VND86 trillion VND (roughly US$47.7 billion).
Mr Hung has been assigned to chair the steering board while another Deputy Prime Minister, Hoang Trung Hai, will be his deputy on the board, showing the Government’s strong determination to restructure the shipbuilder and further develop the country’s shipbuilding industry.