The move aims at stabilizing the group’s performance and consolidating its prestige and trademark.

Vinashin will focus its operations on three main pillars, including: ship-building and repairing, auxiliary industries, and human resource training. It will functions as a spearhead for the development of sea-borne economy and the realization of Việt Nam’s sea strategy in the next ten years and later.

The restructuring scheme shall not largely affect the country’s macro-economy and the overall business environment.

The group’s workforce will be maintained, particularly technicians and skilled workers in key production lines.

The legitimate rights and responsibilities of investors and staff will be secured in re-arranged affiliates.

Responsibilities of competent agencies

The PM assigns the Ministry of Transport to supervise the restructuring process and direct Vinashin to design its development strategy and planning scheme for the period of 2011–2015 with visions to 2020.

The Ministry of Finance will instruct and supervise Vinashin to re-structure its financial sources and clear debts. Vinashin’s charter capital will be adjusted properly.

The Ministry of Planning and Investment is assigned to review Vinashin’s investment projects and evaluate the effectiveness of the Group’s investment activities.

The State Bank of Việt Nam will direct credit organizations to re-structure Vinashin’s debts and provide new credit loans under the State’s legal regulations.

Vinashin’s new organizational structure:

Vinashin Group, after restructuring, will consist of a parent company and its affiliates with their own legal status, capital and property.

The parent company is a single-member limited-liability one in which the State holds 100% of its charter capital.

The Group has 15 subsidiary companies, two joint-ventures, one affiliated company and two non-productive units.

By Hải Minh