Vietnam gov't launches Vinashin inspection

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Vietnam's government inspectors Friday announced a decision to inspect state-owned Vietnam Shipbuilding Industry Group, which has debts of more than US$4 billion and is going through a restructuring process.

The inspection on Vinashin, as the shipbuilding giant is also known, is part of the government's annual inspection plan, the Vietnam Economics Time reported, citing a statement released by the company. Inspectors will announce the results to the media after 75 days, the report said. 

The Government Inspectorate on Monday issued a decision to investigate the execution of government policies and laws at Vinashin.

According to the government, Vinashin has debts of more than VND80 trillion ($4.2 billion). The Communist Party's Inspection Commission this week suggested that the party's leading Central Committee reprimand the chairman, Pham Thanh Binh, for pushing the company to the brink of bankruptcy.

The government said Vinashin has to go through a restructuring process so that it can focus on its main business instead of other projects, for instance in ports and sea transport.

Pham Viet Muon, deputy head of the Government Office, told a press briefing last week that the restructuring process would not affect the inspection plan. He said the inspection would be "comprehensive," not only on financial issues.

Inspections of several large companies, including Vinashin, were delayed last year when the government decided to give the firms more time to recover from the global economic downturn.

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