The State Capital Investment Corporation (SCIC) and the Debt and AssetTrading Corporation (DATC) will join hands to help restructure VietnamShipbuilding Industry Group (Vinashin).
Vinashin'srestructuring plan was approved in 2010, after Government inspectorsuncovered the group's financial malpractices. At the end of 2009, thegroup was more than 86.7 trillion VND (4.1 billion USD) in debt.
In a meeting between Minister of Transport Dinh La Thang and Ministerof Finance Dinh Tien Dung on September 18, representatives of the twosides listed Vinashin enterprises that would be transferred to SCIC andDATC.
A representative from Vinashin reported thatthe group had supplied files and documents of 30 enterprises to SCIC.However, SCIC said it is only considering taking over six.
According to a draft regulation prepared recently by the Ministry ofFinance, the SCIC's charter capital will likely be increased eight-foldto 40 trillion VND (1.81 billion USD), but the corporation will bedissolved if it loses money for a long time or fails to meet tasksassigned by the State.
Vinashin and DATC haveagreed that DATC will buy Vinashin's debts and sell them to creditinstitutions and other debt owners.
"DATC has beenworking with more than 50 of the 234 Vinashin units on the list forrestructuring," said a DATC representative.
However, acting General Director of Vinashin Vu Anh Tuan said the numberof units transferred to SCIC and DATC was not as high as expectedbecause there were still many difficulties.
At the meeting, the two sides discussed several issues related to Vinashin's restructuring process.
These included issuing bonds for Vinashin and dealing with the taxbalance sheet and other sums paid to the State budget when dissolving ormerging enterprises.
"This work must be carriedout as quickly as possible, though we must ensure commitments withforeign credit institutions and follow the Government's guidelines,"said finance minister Dung.
In another meeting withrepresentatives of commercial banks on the same day, transport ministerThang asked banks to work with Vinashin in selling and buyingbusinesses and funding effective projects to restructure and recover thegroup.
Thang highly praised Ocean Bank, MaritimeBank and Petrovietnam Finance Joint Stock Corporation for their recentsupport for the transport sector, especially in restructuring Vinashin.-VNA
Vinashin'srestructuring plan was approved in 2010, after Government inspectorsuncovered the group's financial malpractices. At the end of 2009, thegroup was more than 86.7 trillion VND (4.1 billion USD) in debt.
In a meeting between Minister of Transport Dinh La Thang and Ministerof Finance Dinh Tien Dung on September 18, representatives of the twosides listed Vinashin enterprises that would be transferred to SCIC andDATC.
A representative from Vinashin reported thatthe group had supplied files and documents of 30 enterprises to SCIC.However, SCIC said it is only considering taking over six.
According to a draft regulation prepared recently by the Ministry ofFinance, the SCIC's charter capital will likely be increased eight-foldto 40 trillion VND (1.81 billion USD), but the corporation will bedissolved if it loses money for a long time or fails to meet tasksassigned by the State.
Vinashin and DATC haveagreed that DATC will buy Vinashin's debts and sell them to creditinstitutions and other debt owners.
"DATC has beenworking with more than 50 of the 234 Vinashin units on the list forrestructuring," said a DATC representative.
However, acting General Director of Vinashin Vu Anh Tuan said the numberof units transferred to SCIC and DATC was not as high as expectedbecause there were still many difficulties.
At the meeting, the two sides discussed several issues related to Vinashin's restructuring process.
These included issuing bonds for Vinashin and dealing with the taxbalance sheet and other sums paid to the State budget when dissolving ormerging enterprises.
"This work must be carriedout as quickly as possible, though we must ensure commitments withforeign credit institutions and follow the Government's guidelines,"said finance minister Dung.
In another meeting withrepresentatives of commercial banks on the same day, transport ministerThang asked banks to work with Vinashin in selling and buyingbusinesses and funding effective projects to restructure and recover thegroup.
Thang highly praised Ocean Bank, MaritimeBank and Petrovietnam Finance Joint Stock Corporation for their recentsupport for the transport sector, especially in restructuring Vinashin.-VNA
