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 during the debt restructuring processes. It is mandatory for companies to turn equities into a positive status before equitising," Su pointed out. Accordingly, SBIC expects the Government to allow its subsidiaries to transfer debts to the mother corporation. Debt compensation will be provisionally made by revenues from initial public offerings (IPOs). If IPOs fail to settle the debts, SBIC will seek the government's continued support throughout the debt restructuring and loss compensating … [Read more...]

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 the Bach Dang and Pha Rung shipbuilding companies will go public by 2015. SBIC, formerly known as Vinashin, has been cooperating with Damen, one of the leading shipyard groups of the Netherlands, to develop business in the Song Cam Shipbuilding Company. This is a positive aspect of the corporation with many years of profitable earnings. "Damen has expressed its wish to buy more shares of the Song Cam Company as well as of other SBIC companies. We are considering it and will report to the … [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 restructuring of Vinashin, the group that used to be determined as the economy's mainstay but committed many mistakes in investment, business and administration. The new corporation will operate under the parent - subsidiary model. The parent Company - SBIC is a one-member Limited Liability Company, with 100 percent of the charter capital held by the State, operating under the Enterprise Law. The eight subsidiaries include: Pha Rung Shipbuilding Company; Bach Dang Shipyard, Ha Long Shipyard; … [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 (MoT) directs and guides Vinashin, which nearly was bankrupted in 2009 due to financial mismanagement, to cooperate with Veka Group based on market demand and the actual financial situation of the group [Vinashin]," Deputy Prime Minister Hoang Trung Hai said in the announcement. Veka Group last year studied investment potential in Vietnam and the group also sent delegations to study central Khanh Hoa province, home of Vietnam’s largest shipyard Hyundai-Vinashin and also where Japan’s Oshima Group is … [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 cubic-metres is the fourth of a series of new 30,000 ton ships being built by the Pha Rung Shipbuilding Industry Corporation, and the third one to be delivered to the foreign partner. Its keel was laid down on April 2nd, 2009 and it was launched on December 25th, 2010. Translated by Mai Huong … [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...]

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 Mr. Truong Van Tuyen’s retirement. He has acted as Vinashin general director since October 2010. Since 2010, Vinashin has changed their general director four times. Former general director, Tran Quang Vu was put on trial shortly after being appointed, due to a scandal involving the selling of mortgaged assets owned by Nam Trieu Shipbuilding Industry Company.. After this, Nguyen Quang Anh, Former Deputy General Director in charge of business of Vinashin, was appointed as the group's … [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. One of them is the Speedy Falcon, owned by the Oil and Gas Transport Company (Falcon Shipping). According to the Vietnam Registration Agency, this ship has a tonnage of 64,300 tons, built in 1981 in Japan and now has the Mongolian flag. The ship was abandoned in Hon Mieu from November 2011. At the end of 2012, the ship was towed to the Pha Rung Shipyard in the northern port city of Hai Phong. Earlier, it was sold to the Vietship Materials and Equipment Company, a subsidiary of the Vietnam … [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 pig iron this year. "This is strange as Viet Nam has never before exported steel ingot - in previous years. The country has needed to import pig iron to serve domestic production," said Cuong. Giving reasons for the increase in steel exports, Cuong said trade promotion schemes had shown a positive effect. "These programmes have helped companies find partners in foreign countries," Cuong said. Cuong said many foreign-backed steel companies and steel-ingot manufactures based in Viet … [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 Port Co are expected to visit Vietnam for setting up the joint venture with Vinalines for constructing the $200 million sea port of which the construction works were started in October 2009, said Nguyen Canh Viet, general director of Vinalines. But the investor had to cease the process for the project because of financial difficulty. Vinalines and Molnykit Corp have planned to start construction the first two harbors of Hai Phong International Port with total investment capital of 30 billion yen … [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 of total capacity. Vinashin launches first in cargo ship series HAI PHONG — The Pha Rung Shipbuilding Corp, a subsidiary of the Viet Nam Shipbuilding Industry Group (Vinashin), has announced the launch of a twin shell 34,000 DWT bulk cargo ship (symbol HR34-PR05) named INLACO EXPRESS. The ship is set to be the first of 20 for Vinalines. At 180m in length, 30m in width and 14.7m in height, it will be capable of reaching speeds of up to 14 nautical miles per hour. According to Vinashin, the … [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 radar, electric compass and auto-driver monitoring system, auto-identification system and Global Positioning System-GPS-meeting all requirements of the latest international maritime conventions. The cargo ship is the second of a series of new 34,000 ton ships being built by the Pha Rung Corporation. Source: NDHMoney Translated by Van Hieu … [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 People's Councils at all levels. Also on this occasion, Prime Minister Nguyen Tan Dung extended his best wishes to staff at the Directorate for Crime Prevention and the Directorate of Security 2 during his visits on January 26. The PM praised the efforts made by the police and security forces last year, which helped to ensure political security, public safety and overcome all difficulties and challenges, raising the country's prestige and status in the international arena. PM Dung also noted the … [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 staff to complete their tasks last year. He said that in 2010, the country had marked great achievements of National Assembly activities, such as the 7th and 8th sessions of the 12th National Assembly and meetings of the National Assembly Standing Committee that had left a good impression on voters and people throughout the country. The success of Viet Nam's role as ASEAN Inter-Parliamentary Assembly Chairman in the 2009-10 term also contributed to the international reputation of Viet Nam's … [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 Party and people to push back challenges to raise the Vietnam's position on the international arena. Mr Dung said the country's socio-economic achievements are attributed to the public security forces who ensure peaceful lives for local people and a stable environment to attract investment and promote development. The sector better implemented crime prevention and control, deal with various kinds of crime and made progress in social order, PM Dung said. He said ensuring political stability and … [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...]

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 Hieu … [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 signing ceremony, Nguyen Ngoc Su, Chairman of Vinashin's member council, said the signing of the framework agreement was in line with the Prime Minister's Decision No. 926/QD-TTg, adding that since July this year, the two sides have closely cooperated in the implementation of the decision to restructure the group. … [Read more...]