Vietnam shipbuilding giant posts major loss for 2009

TN News

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State-owned shipbuilder Vinashin recorded a cumulative loss of VND359 billion (US$18.8 million) last year, blaming its subsidiaries for less efficient work.

Of its subsidiaries, Nam Viet Sea Transport Company alone posted a loss of VND332 billion due to a steep decline in transport prices in 2009, the Vietnam Economic Times reported Thursday.

Vinashin's managers said the company last year took various measures to improve its business, including liquidating inefficient assets and seeking partners in large projects.

Earlier this month Mai Quoc Binh, deputy chief of the Government Inspectorate, said the government would conduct an inspection into Vinashin's business in June, focusing on financial conditions and investments outside its core business. The inspection was supposed to take place last year but was postponed due to the economic crisis.

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