SBIC not ready for equitisation

HA NOI (VNS) — The Shipbuilding Industry Corporation (SBIC) is asking the Government for a special mechanism to deal with debts and negative equities of its subsidiaries before equitisation in the next 20 months. SBIC's Chairman Nguyen Ngoc Su made the revelation at a recent training workshop on equitisation. Most of the SBIC subsidiaries are suffering cumulative losses and grand negative equities. "Currently, the key challenge is that big negative equities are at a complete standstill … [Read more...]

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SBIC to release IPO by 2015

SBIC, the new name of Vinashin based on the corporation's restructuring process, to launch IPO by 2015. — Photo VNA

HA NOI (Biz Hub) — The Shipbuilding Industry Corporation (SBIC) will release its initial public offering (IPO) by 2015, said Chairman Nguyen Ngoc Su. The corporation expects to equitise four member units, including the Vinashin Corrugated Iron Company, and the Chan May Port, Ha Long and Cam Ranh shipyards this year, said Su to the online VnExpress newspaper. Five others, including Thinh Long, the Saigon Shipbuilding and Marine Industry Company, the Saigon Shipbuilding Industry Company, and … [Read more...]

Vinashin appoints yet another new director

HA NOI (VNS)— Transport Minister Dinh La Thang has appointed Vu Anh Tuan as acting general director of the Viet Nam Shipbuilding Industry Corporation (Vinashin). Tuan will replace Truong Van Tuyen, Vinashin's former CEO, who retired. The 40-year-old Tuan, who graduated from the National Economics University, was general director of Pha Rung Shipyard Ltd Company under the management of Vinashin before assuming the new post. Since 2010, Vinashin has changed its general director three times.-VNS … [Read more...]

Vinashin model officially abolished

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VietNamNet Bridge- The newly-issued decision by the Ministry of Transport announces the birth of a new corporation named SBIC and the officially deletion of the disreputable Vinashin group. The Transportation Ministry has announced the decision on the establishment of the Shipbuilding Industry Corporation (SBIC) on the basis of the reorganization of the parent company and a number of member units of the Vietnam Shipbuilding Industry Group or Vinashin, marking a milestone in the process of … [Read more...]

Veka charts a course to help Vinashin get on its feet again

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Netherlands’ shipbuilder Veka Group is looking to sail into Vietnam’s shipbuilding industry though joining hands with the struggling state-run Vinashin. The restructured Vinashin is looking to put stormy waters behind it-Photo: Duc Thanh Vinashin has just asked the Vietnamese government for approval to sign a memorandum of understanding with Veka Group to invest in shipbuilding projects in Vietnam, according to an announcement released by the Government Office. "The Ministry of Transport … [Read more...]

34,000 ton carrier handed over to Italian partner

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PANO - The Pha Rung Shipbuilding Industry Corporation, affiliated to the Vietnam Shipbuilding Industry Group (Vinashin) handed over the Four Emerald, a 34,000 ton bulk carrier to Italian ship-owner, Premuada Group on April 19th in Hai Phong city. The Four Emerald, designed by Gorntmij A/S and the Shanghai Hengar Ship Design Co., Ltd., can operate in unlimited areas with the speed of 14 nautical miles per hour. This carrier of 180m long, 30m wide and 14m high, with a capacity of 45,500 … [Read more...]

Vinashin has 40-year-old CEO

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Transport Minister Dinh La Thang has officially appointed Vu Anh Tuan as acting general director of the Vietnam Shipbuilding Industry Corporation (Vinashin) from March 1, 2013. The 40-year-old Tuan, who graduated from the National Economics University, was general director of Pha Rung Shipyard Ltd Company under the management of Vinashin before assuming the new post. Shipbuilder Vinashin, a state-owned group founded in 1996, almost collapsed in 2010 after it accumulated an enormous … [Read more...]

Vinashin has new general director

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Minister of Transport, Dinh La Thang, has appointed Mr. Vu Anh Tuan as the new General Director of Vietnam Shipbuilding Industry Group (Vinashin), beginning March 1. Tuan is 40 and a graduate from the National Economics University. Between the years of 2009 and 2011, he was deputy general director in charge of investment management at Pha Rung Shipbuilding Industry Corporation. Since then he has held the post of that firm's general director. The Ministry of Transport has also approved … [Read more...]

Million USD ships sold at dirt price

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VietNamNet Bridge - After more than a year of being abandoned in Hon Mieu, Quang Ninh province, the Speedy Falcon ship of the Oil and Gas Transport Company, a subsidy of the Vietnam Shipping Lines Group (Vinalines), has been dragged to the shore and sold at the price equivalent to one-sixth of the original price and cheaper than the price for scrap. In early November 2011, the public was interested in the information about "ghost" ships floating in the Ha Long Bay in Quang Ninh province. … [Read more...]

Shipbuilder giant still in big difficulties despite government’s support

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VietNamNet Bridge - Shipbuilding yards have been left idle and big ships have become rusty, while crews have been calling for help from abroad. These all reflect the current situation of the Vietnam Shipbuilding Industry Group (Vinashin), which was once the giant in the shipbuilding industry. When the morning just dawned, thousands of workers flocked to the thermopower plant in Tam Hung commune of Thuy Nguyen district in Hai Phong City, starting a new working day. … [Read more...]

BUSINESS IN BRIEF 20/10

Steel exports to increase 44.5% this year Viet Nam was estimated to export around 1.87 million tonnes of steel and steel ingot this year, a 44.5 per cent increase from 2010 figures, Viet Nam Steel Association chairman Nguyen Chi Cuong said. "This year, export of cold-rolled steel, stainless steel, steel bars and zinc-coated steel sheets all increased significantly in comparison with last year," Cuong said. On special thing, Cuong informed the country imported more than 285,000 tonnes of … [Read more...]

Vinalines in tie with foreign firms to build ports

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Vietnam National Shipping Lines Corp (Vinalines) has announced to clinch deals with two foreign partners to build two international terminals in central and northern regions of Vietnam. The Netherlands-based Rotterdam Port Co will be responsible for the researching, building and operating of the Van Phong International Sea Port in central Khanh Hoa province, while Japan-based Molnykit Corp will be the main builder of the northern Hai Phong International Port. Representatives of Rotterdam … [Read more...]

Gas pipeline stops for maintainence break

HA NOI — From September 15 to 30 , the Viet Nam National Oil and Gas Group (PetroVietnam) plans to halt gas supply via the Nam Con Son gas pipeline for maintenance and repair purposes. As a result, Electricity of Viet Nam's (EVN) thermal power plants in the Phu My cluster will generate around 630 million kWh of electricity using diesel during the two-week period. The discontinuation of the Nam Con Son gas supply will affect the national electric support system, which accounts for 20 per cent … [Read more...]

Pha Rung Shipbuilding Yard hands over 34,000-ton ship to Italy

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The Pha Rung Shipyard Company Ltd., under the Vietnam Shipbuilding Industry Corporation (Vinashin), on Friday handed over a 34,000-ton cargo ship named "Four Diamond" to its Italian partner Premuda Group in Hai Phong City. The "Four Diamond" is 180m long, 30m wide, 14.7m high, with a capacity of 45,500 cubic-metres and a speed of 14 nautical miles per hour, was designed by Denmark's Carl Bro Company and the Shanghai Hengar Ship Design Company. It is equipped with modern systems including … [Read more...]

Leaders extend New Year congratulations

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Party General Secretary and National Assembly Chairman Nguyen Phu Trong visited and extended his best wishes to staff of the NA Office on Jan. 26 on the occasion of the Lunar New Year (Tet) festival. The Party and NA leader lauded the NA Office's active and effective contributions to the achievements of the NA over the past year. He also pointed out the necessity for the NA and its agencies to fulfil the 12th legislature and competently prepare for the election of the 13th NA and for … [Read more...]

Party General Secretary praises work of National Assembly staff

VietNamNet Bridge - Party General Secretary Nguyen Phu Trong paid a visit to staff at the National Assembly Office yesterday, Jan 26, on the occasion of the upcoming Lunar New Year Festival, which falls on February 3. Party General Secretary and National Assembly Chairman Nguyen Phu Trong pays a Tet visit to NA officers and staff yesterday, Jan 26. (Photo: VNS) Trong, who is also National Assembly Chairman, spoke highly of the great efforts made and the responsibility shown by officers and … [Read more...]

Party, State and Government leaders pay Tet visits to organisations and individuals

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Party, State and Government leaders paid Tet visits to officials and workers and presented gifts to poor people across the country. *** Prime Minister Nguyen Tan Dung visited and sent Tet greetings to officials and policemen of the Police General Department for Crime Prevention and Control and the General Department of Security in Hanoi on January 26. He applauded the public security and security forces' efforts to maintain political stability and social order and together with the whole … [Read more...]

Pha Rung Shipbuilding Yard launches a 34,000 ton ship

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The Pha Rung Shipyard Company Ltd. (Vinashin Pha Rung) has launched a 34,000 ton ship PR 04 named "FOUR EMERALD". The PR 04 is 180m long, 30m wide, 14.7m high and has a capacity of 45,500 cubic-metres and was built on order from the Italian ship-owner Coedier Navegacao Ida following the design by the Carl Bro A/S, Denmark. The corporation expects to hand over the ship in July 2011. After launching the PR 04, the Vinashin Pha Rung also layed down a keel for similar ships, HR 34 and PR 06, … [Read more...]

Vinashin builds 20 ships for Vinalines

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On November 22nd, the Vietnam Shipping Industry Group (Vinashin) and the Vietnam National Shipping Lines (Vinalines) signed an agreement to build 20 ships for the Vinalines fleet. In addition, the Pha Rung Shipyard Co. Ltd. and Vinashin's Bach Dang Shipbuilding Industry Corporation also signed a deal to build 4 ships, with 22,500 to 34,000 DWT each, for Vinalines. The contracts showed Vinalines' cooperation and support for Vinashin at this difficult period. Source: NLD Translated by Van … [Read more...]

Vinashin set to build 20 ships for Vinalines

The Vietnam Shipbuilding Industry Group (Vinashin) on Nov. 22 signed a framework agreement with Vietnam National Shipping Lines (Vinalines) to build 20 new ships. At the ceremony, Vinalines and Bach Dang Shipbuilding Industry Corporation inked a contract on the building of three 22,500 tonne cargo ships while the International Shipping and Labour Cooperation Joint Stock Company (Inlaco) and Pha Rung Shipbuilding Industry Corporation agreed on a 34,000 tonne cargo ship order. Addressing the … [Read more...]