VietNamNet Bridge – The Vinashin ocean shipping company will be one of two subsidies of the Vietnam Maritime Corporation (Vinalines) that will be permitted to go bankrupt in the process of restructuring Vinalines.
Vinalines will also disinvest and dissolve nearly 40 subsidiaries.
The restructuring scheme of Vinalines has been signed by Deputy Prime Minister Vu Van Ninh. Accordingly, the three main areas that Vinalines has to focus on after restructuring consist of ocean shipping, port operation and maritime services.
“Vinalines is the key state-owned enterprise in these three fields,” the scheme determines.
To concentrate on the main task, at the same time removing the current difficulties, Vinalines will classify and rearrange its member units. Specifically, two of its subsidies will be allowed to go bankrupt: the Vinashin ocean shipping company (Vinashinlines) and the Vietnam Oil and Gas Transportation Company (Falcon).
These are the two weakest firms of Vinalines, with several “scandals” that recently captured public attention.
Vinalines will also dissolve two other units: its branch in the Mekong Delta city of Can Tho and the Southeast Asian Maritime Human Resources Center Joint Venture (Vina-STC).
In the period of 2012 – 2015, Vinalines will disinvest from 37 other companies and merger the Sea Petroleum Trade Company and the Vinalines Petroleum Company.
After restructuring, Vinalines will hold only 100% stake in two businesses and 50 – 75% of the capital in 30 businesses.
S. Tung
- Banks to get bankrupt companies sale-ready
- Board of bankrupt companies can access documents: SC
- Bankrupt Toys 'R' Us is expected to start liquidation this week - the first step in moving to close all of its 850 US stores which threatens 33,000 jobs
- Bankrupt Katie Price 'plans to sell two of the three engagement rings she received from ex-husband Peter Andre in a bid to make £230,000'
- Bankrupt Katie Price reveals she spends £1000 a WEEK on food as she seeks help from a bewildered financial adviser on her reality show
- Mohamed Hadid Clarifies He Isn't Bankrupt, But His Company is Another Story
- Katie Price's son Harvey shares his expensive Xmas list after she's declared bankrupt
- Inside Peter Andre's stunning home as bankrupt Katie Price languishes in mucky mansion
- Bankrupt Katie Price ‘fears electricity and heating will be turned off’ at mucky mansion
- Inside Peter Andre’s luxury home as bankrupt ex Katie Price tries to do up mucky mansion
- Bankrupt Katie Price 'demanding cash' from Peter Andre and Kieran Hayler after 'bankrolling' them
- Peter Andre ‘feels sorry’ for bankrupt Katie Price and ‘promises to help her pay for Princess and Junior’
- Kerry Katona begs bankrupt Katie Price not to 'feel guilty' about blowing £45m fortune
- IBBI seeks to penalise ‘flippant’ bidders to prevent fraud at bankrupt companies
- Bankrupt Katie Price forced to sell her £230,000 diamond engagement rings from Peter Andre
- Bankrupt Katie Price 'flogs £230k diamond engagement rings Peter Andre gave her'
- Revealed: The REAL reason bankrupt retail giant Toys 'R' Us has gone bust - leaving 3,000 Australian jobs at risk (and it WASN'T online competition)
- Bankrupt retail giant Toys 'R' Us closes down overseas - spelling the end for 39 branches in Australia and putting nearly 3,000 employees out of work
- Denise Welch calls former friend Prince Andrew 'distasteful and disloyal to the royal family' - and brands him 'morally bankrupt' over Virginia Roberts sex claims
- 'Putting Test cricket on free-to-air television could bankrupt the game,' warns ECB chairman Colin Graves
Vinashinlines to go bankrupt have 534 words, post on at February 7, 2013. This is cached page on Talk Vietnam. If you want remove this page, please contact us.