Vinalines' temporary take-over of Vinashin's operations will last for two years following the company's restructuring, according to a recent interview in which Tien Phong (Vanguard) newspaper spoke to Vinalines Deputy Director Chieu Huu Tran.
"It may take two years if the situation isn't too bad. But it should not take longer than two years, even if the financial picture is worse than we thought as extending the restructuring process will result in increasingly losses for the state," said Mr Tran.
He also admitted that Vinalines does not intend to merge with Vinashin and that although Vinalines has taken over the shipbuilder's fleet he is confident that Vinalines will not go bankrupt. The company may request government assistance should the debt be too much of a burden.
Mr Tran also conceded the restructuring has not reflected favourably on state-owned enterprises.
"Foreign countries will have doubts over why a big corporation that is given state support is still grappling with difficulties, which begs the question, how will small enterprises fare? It will also cause more difficulties when doing business abroad in the time to come.
"Critics once faulted our maritime sector, heaping criticism upon Vinashin for being so hasty to implement its projects while Vinalines was criticised for being too slow in this regard. So this is a lesson to be learnt," he said.
