The State Capital Investment Corporation (SCIC) and Debt and Asset Trading Corporation (DATC) will join hands to help restructure the ailing Viet Nam Shipbuilding Industry Group (Vinashin).
Vinashin's restructuring plan was approved in 2010 following government inspectors uncovering the group's extensive financial malpractices. At the end of 2009, the group was more than VND86.7 trillion (US$4.1 billion) in debt.
In a meeting between Minister of Transport Dinh La Thang and Minister of Finance Dinh Tien Dung, enterprises within the Vinashin Group were earmarked by the government to be transferred to SCIC and DATC. A representative from Vinashin reported that the group had supplied files and documents of 30 enterprises to SCIC. However, SCIC said it is only considering taking over six.
According to a draft regulation prepared recently by the Ministry of Finance, the SCIC's charter capital will likely be increased eight fold to VND40 trillion (US$1.81 billion), but the corporation will be dissolved if it continually loses money or fails to meet tasks assigned by the state.
Vinashin and DATC have agreed that DATC will buy Vinashin's debts and sell them to credit institutions and other debt owners.
Transport minister Thang also asked commercial banks to work with Vinashin in selling and buying businesses and funding effective projects to restructure and recover the group. Thang praised Ocean Bank, Maritime Bank and Petrovietnam Finance Joint Stock Corporation for their recent support for the transport sector, especially in restructuring Vinashin.
Source: VNS
