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 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 debt of over $4.11 billion. In March 2012, nine members of the group were convicted and sentenced to jail by a court in Hai Phong northern city for causing a total loss of VND910 billion (US$43.54 million) to the state budget. Pham Thanh Binh, 59, former chairman of the group, was jailed 20 years for "intentionally violating economic management regulations, which causes serious consequences" during his time at the giant shipbuilder. His eight accomplices received jail terms ranging from 3 … [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...]

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, for the Northern Ocean Shipping Company. Source: baodautuTranslated by Van Hieu … [Read more...]

Vietnamese shipyard secures RoK contract

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Vietnam's Pha Rung Shipyard Company signed Sunday a contract worth over $55 million to build five ships for the Fortune Marine Company of the Republic of Korea (RoK). The 6,500-ton ships, 110m long and 8.2m wide, are to be built under the latest design technology and state of the art equipment, a representative of the Hai Phong-based company told Vietnam News Agency. Work on the first ship was scheduled to begin in late 2005, with the ship transferred to the RoK 18 months later, the representative said. … [Read more...]

US$5 million for Chan May port upgrade

The Royal Caribbean International Group (RCI) and Viet Nam Shipbuilding Industry Corporation on Sunday signed an agreement to upgrade Chan May Port in the central province of Thua Thien Hue. RCI will invest US$5 million in upgrading the port's infrastructure system so that it can receive large vessels carrying up to 4,000-5,000 passengers each. At present, the port serves vessels with 3,000 passengers. Chan May is among 46 seaports, which are chosen by the Asia Cruise Association to be a destination for pleasure boats in the Southeast Asia region. Chan May port has received 23,581 visitors from Hong Kong, Italy, Spain, England, the US, Canada and Australia this year. The number is expected to rocket up by the year-end, reaching 68,113 visitors, up 193 percent over 2014. Sai Gon Giai Phong (Liberated Sai Gon) Viet Nam's footwear dominates in Brazil The Ministry of Industry and Trade's Viet Nam Industrial and Trade Information Centre said Viet Nam had surpassed Indonesia, China … [Read more...]

Social News 9/3

Japan provide $580,000 for six projects The Japanese General Consulate in HCM City on March 6 held a contract-signing ceremony on the provision of 580,000 USD for six projects in the fields of health, education, and environment in Vietnam. Two of the projects will build the Ea Tir primary school in Binh Minh hamlet, Ea H’leo commune in the Central Highlands province of Dak Lak and upgrade the nursery school, the primary school, and the secondary school in Phuoc Tien commune, Bac Ai district, the central coastal province of Ninh Thuan. The health projects are to purchase equipment for the General Hospital in Tra Cu district in the southern Tay Ninh province, the reproductive health care centre in the central coastal province of Ninh Thuan and the health centre in Giang Thanh district in the Mekong Delta province of Kien Giang. The only environment project involves the construction of a water treatment system in Hung Thanh commune, Thap Muoi district in the Mekong Delta … [Read more...]

MoT leads equitisation process

The Ministry of Transport has been in the front line in restructuring its affiliated State-owned enterprises, Deputy Minister of Transport Nguyen Hong Truong told Hai quan (Customs) online newspaper. Will you tell us some of the outstanding achievements in the equitisation of State owned enterprises (SOEs) in the transport sector? By January, 2011, the Ministry of Transport had 94 State-owned enterprises. All faced big problems, due to a shortage of capital resources. Bad debts and high interest rates seriously affected their production. Many were on the verge of bankruptcy. … [Read more...]

Deputy PM praises committee

Workers at a factory manufacturing motorcycle tyres for the Southern Rubber Industry Joint Stock Company (CASUMINA). Last year the Steering Committee for Enterprise Renovation and Development advised the Prime Minister on carrying out reforms of State-owned enterprises (SOEs) in order to improve their efficiency. — VNA/VNS Photo Danh Lam

HA NOI (VNS)— Deputy Prime Minister Vu Van Ninh yesterday applauded the effort of the Steering Committee for Enterprise Renovation and Development at a meeting in Ha Noi, saying that the committee had fulfilled its assigned tasks for 2013 and early 2014. Speaking at the meeting, held to assess the committee's performance in the past year and implement its tasks this year, Ninh said the committee had carried out effective co-operation with relevant agencies and made appropriate proposals to the Government. In 2013 and 2014, the committee reported, it advised the Prime Minister properly on carrying out reforms of State-owned enterprises (SOEs) in order to improve their efficiency. The committee submitted 24 legal documents to the Prime Minister, including important ones on SOE equitisation, dissolution and re-organisation. In 2013, the Government re-arranged 101 SOEs and equitised six. The Steering Committee also co-ordinated closely with the Steering Committee to restructure … [Read more...]

Equitisation will be expedited

The Ministry of Transport is determined to equitise SOEs under its control to improve production and business activities, Minister Dinh La Thang spoke to the Tin Tuc (News) Newspaper. About 44 out of the 100 State-owned enterprises that have been equitised nationwide in the past three years are under the ministry's control. What are the factors that led to this success? The ministry is determined to complete the task. Each deputy minister has been told to urge businesses under their control to take responsibility for privatisation. CEOs and general managers of these enterprises face being shifted to other positions if they do not join in the process. In addition, the ministry, in collaboration with other ministries, sectors and localities, has taken steps to accelerate the process. Those involved in carrying out the task should not be reluctant because the job is tough, but show determination. Recently, the media reported that I dismissed a leader of a traffic project due to … [Read more...]

Samsung may help revive ship industry

The mobile-phone production line at Samsung. The South Korean company has been called to join efforts to restructure the local shipbuilding industry. — VNA/VNS Photo Duc Tam

HA NOI (VNS) — The Government has called on relevant bodies to accelerate co-ordination efforts with the Samsung group to restructure domestic shipbuilding activities. Under the dispatch, the Ministry of Planning and Investment (MPI) has been tasked with choosing several potential projects for inviting foreign investment from now until 2020, which it will then present to Samsung. Viet Nam will propose that Samsung join in efforts to restructure the local shipbuilding industry by working with the Viet Nam Shipbuilding Industry Corporation (SBIC), previously Vinashin Group. According to VnExpress online, South Korea is a leading shipbuilding country in Asia and the world. Recently, Samsung C&T, a member of Samsung Group, signed a memorandum of understanding (MoU) with the MPI. Under the MoU, Samsung C&T will join construction projects ranging from building hydro-power plants to creating telecoms infrastructure. Concerning the debt restructuring of Vinashin, a company official … [Read more...]

Vinashin seeks to lay off thousands

HA NOI (VNS)— Minister of Transport Dinh La Thang has asked leaders of the Viet Nam Shipbuilding Industry Corporation (Vinashin) to guarantee the rights of 14,000 dismissed workers, as it announced the lay-off as part of its restructuring plan at a meeting with the ministry on Monday in Ha Noi. Cutting thousands of employees could have a huge impact on society and the economy, the minister said. The restructuring plan was approved in 2010, after Government inspectors uncovered Vinashin's financial malpractices. At the end of 2009, the group was more than VND86.7 trillion ($4.1 billion) in debt. In the first phase, the corporation plans to lay off 8,000 employees. After the second phase, only 8,000 will be left. A representative from Vinashin's Department of Labour-Wage told Biz Hub: "Each company operates in a different business sector and uses a different operating model. So each company will classify its own employees and send the list to the corporate department of labour. … [Read more...]

Vinashin to lay off thousands of employees

Vinashin will cut down nearly 14,000 employees following its restructuring plan. Photo sgtt.vn

HA NOI (Biz Hub) — The Viet Nam Shipbuilding Industry Corporation (Vinashin) will lay off nearly 14,000 employees as part of its restructuring plan, Vinashin leaders announced in a meeting with the Ministry of Transport on Monday in Ha Noi. The restructuring plan was approved in 2010, after Government inspectors uncovered Vinashin's financial malpractices. At the end of 2009, the group was more than VND86.7 trillion (US$4.1 billion) in debt. In the first phase, the corporation plans to lay off 8,000 employees. After the second phase, only 8,000 will be left. A representative from Vinashin's Department of Labour-Wage told Biz Hub: "Each company operates in a different business sector and uses a different operating model. So each company will classify its own employees and send the list to the corporate department of labour. This evaluation process is open, transparent and democratic." At the meeting, Minister Dinh La Thang asked Vinashin leaders to guarantee the rights of the … [Read more...]

Vietnamese crew members saved off the coast of Sri Lanka

HA NOI (VNS)- Eighteen Vietnamese crew members were rescued by Sri Lanka's Maritime Rescue Co-ordination Centre (MRCS) after their 6,500 tonne cargo ship sank off the coast of Sri Lanka yesterday morning, according to the Vietnamese National Search and Rescue Committee Office. Four others from the 22-person crew are still missing: a captain, a chief engineer, a staff captain and a technician. It's reported that at the time of the accident, the Sai Gon Queen was transporting timber from Myanmar to India. The reason for the accident is still unknown. … [Read more...]

BUSINESS IN BRIEF 23/6

Investors flagrantly abuse insider trading loopholes Lax management of the local securities market is creating opportunities for investors to violate the law. On June 7, the HCM City Stock Exchange fined Sai Gon-Asia Financial Investment JSC, Sacombank shareholder Tran Phat Minh and Sai Gon-Exim Company VND60 million (USD2,874) each for buying Sacombank's shares without making a public announcement. These trades made them become Sacombank's biggest shareholders. With investors and other shareholders still in shock because of lax penalties, they received another blow when hearing the news that Sai Gon-Asia Financial Investment JSC, shareholders Tran Phat Minh had sold their stocks without making a mandatory disclosure again on June 12. Sai Gon-Asia Financial Investment JSC sold about 900,000 shares and individual shareholder Tran Phat Minh sold 876,000 shares. With the changes, Minh and Sai Gon-Asia Financial Investment JSC stocks dropped to below 5%, and were no longer … [Read more...]

Third ship built for Germans

HAI PHONG - Ben Kien shipbuilders, a member of Viet Nam Shipbuilding Industry Corporation (Vinashin), yesterday handed over a 9,200 tonne ship to German Hanse Capital. The new ship, named LC Hara, is the third built for foreign enterprises. It has a 5,400 horsepower engine, is 129m in length and 17m wide. Average speed is about 15 knots. International Naval Engineering Consultants B.V (INEC), a well-known Dutch ship designer and consultant, designed the ship. - VNS … [Read more...]

New ship built for Germans

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HAI PHONG - Ben Kien shipbuilders, a member of Viet Nam Shipbuilding Industry Corporation (Vinashin), yesterday handed over a 9,200 tonne ship to German Hanse Capital. The new ship LC Hara - Internet Photo The new ship, named LC Hara, is the third built for foreign enterprises. It has a 5,400 horsepower engine, is 129m in length and 17m wide. Average speed is about 15 knots. International Naval Engineering Consultants B.V (INEC), a well-known Dutch ship designer and consultant, designed the ship. - VNS … [Read more...]

Vinashin delivers completed ships

Pha Rung Shipyard Co Ltd, under the Viet Nam Shipbuilding Industry Corporation (Vinashin), yesterday handed over a 34,000-tonne cargo ship and a 13,000-tonne oil-chemical tanker to their owners in the northern port city of Hai Phong. The cargo ship, named Inlaco Express, which is 180m long, 30m wide, 14.7m high and is powered by a 7,860kW engine, can reach 14 nautical miles per hour. It is the first to be handed over under a contract to build 20 ships for the International Labour Co-operation Company (Inlaco Sai Gon-Vinalines). The oil tanker, named Prime Sun, is the first of its kind built by the shipyard. It is 128.6mlong, 20.4 wide and a speed of 13.5 nautical miles per hour. V.N.S … [Read more...]

BUSINESS IN BRIEF 7/12

Jeweller gets exclusive licence Gold bars issued by Saigon Jewelry Company Ltd (SJC)will be selected as the national gold brand upon satisfying some final requirements, State Bank of Viet Nam Governor Nguyen Van Binh told the National Assembly last week. The designation will allow SJC to stamp gold bars with the imprimatur of the State Bank, Binh said, giving SJC an exclusive licence to produce gold bars on behalf of the State. Binh's announcement, however, has raised concerns that the central bank is essentially granting SJC a highly lucrative monopoly over the nation's gold market - a move which will drive many other gold producers entirely out of the market. Binh told lawmakers, however, that SJC gold bars already accounted for 90 per cent of the domestic market and their quality had been widely recognised both domestically and internationally. Therefore, the designation of SJC gold bars as the national brand was appropriate and could bring many benefits to the national … [Read more...]