Troubled Vietnam shipyard delivers year's first vessel

TN News

Email Print

The cargo vessel Four Emerald built by embattled Vietnamese shipbuilder Vinashin for an Italian company

State-owned shipyard Vinashin, which almost collapsed under huge debts in 2010, has built and delivered its first vessel this year.

The 34,000-ton ship Four Emerald was built by its Hai Phong-based subsidiary Pha Rung Shipbuilding Industry Corporation and handed over to Italy's Premuda Group on April 19.

It was one of two vessels ordered by Premuda, online newspaper VnExpress reported.

The Four Emerald was built using Danish and Chinese technologies.

The ship is 180 meters long and can achieve speeds of 14 nautical miles.

Vinashin said in a statement that the building and delivery of the ship was a major effort by both the shipbuilder and owner in the context of the difficult maritime transport situation.

Vinashin almost went bankrupt in 2010 with debts totaling US$4.5 billion, prompting a government probe into its operations.

The investigation has been wrapped up with several people being charged with violating regulations.

Prime Minister Nguyen Tan Dung has ordered the group to restructure and focus on its core business instead of spreading itself thin.

More Business News