Vinashin gets capital injection from gov't

TN News

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State-owned Vietnam Shipbuilding Industry Group said it will receive additional capital totalling VND2.5 trillion (US$128 million) from the government to speed up ship construction.

The funding will be disbursed through the end of the year. It will be divided fairly among the group's subsidiaries to help them finish their projects and pay salaries to workers.

The group, also known as Vinashin, was on the verge of bankruptcy this year. The government has ordered the shipbuilder to go through a restructuring, pledging to support it.

As of the end of August, Vinashin's debts amounted to VND86 trillion ($4.4 billion) while its total assets amounted to 104 trillion.

Five senior Vinashin officials have been arrested following an investigation into the group.

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