Vinashin told to report on debt solutions

Published: Thursday, September 09, 2010

The Government on Sept. 8 directed the State owned shipbuilding giant Vinashin to report its existing bank credit debt and propose debt solutions.

Vinashin must deliver the report by Sept. 13.

Deputy Prime Minister Hoang Trung Hai instructed relevant ministries and agencies to stabilise production and operations, pay its employees and restructure personnel.

The group's managers and member companies conduct online meetings every week to review tasks and to solve emerging problems. The group was instructed to provide social insurance to its employees.

More than 5,000 Vinashin workers, or almost 10 percent of its workforce, lost their jobs when the company failed to pay 234 billion VND (12 million USD) in salaries and social insurance in June.

Newly-appointed Vinashin General Director Nguyen Quoc Anh said that Vietnam 's shipbuilding industry had potential. He said the group was working to overcome the hard times.

The Government Office reported that Vinashin's total debt was 86 trillion VND (4.41 billion USD) at the end of last month./.

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