Hanoi steps in on Vinalines and Vinashin restructuring

Hanoi is forcing the pace of restructuring at Vinalines and Vinashin with deputy prime minister Hoang Trung Hai demanding the former shuts two subsidiaries while the shipbuilder has been told it must close down 216 subsidiaries.
Vinalines has been told to close Vinashinlines and Falcon, two subsidiaries unable to clear their large debts.
According to local media, Vinalines has a debt of $321m itself and billions of dollars more in its subsidiaries.
Vinashin, meanwhile, is saddled with some $1.35bn of debt, but Hanoi has worked with local banks to get 75% of this figure waived.
Minister of Transport Dinh La Thang said that at the end of this month, his ministry will submit a report to the government on Vinashin's progress.
Source: Sea Ship News