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


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


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


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


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


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


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


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...]