NEWSCORPORATION NEWS

Establishment of the Shipbuilding Industry Corporation (SBIC)

Updated at 03 May 2012, 11:28
On 31st October 2013 the Ministry of Transport announced the establishment of the Shipbuilding Industry Corporation (SBIC). The corporation will take charge of restructuring of the Vinashin and its members. Vinashin ceases operation from the day SBIC is granted business registration certificate.
SBIC is a Single Member Limited Liability Company whose 100 percent stake is held by the government, would operate as a parent company and at the time of establishment, the total registered capital of the company is VND9.52 trillion (US$449.06 million).

The company and its eight subsidiaries will be operating under the direct management of the transport ministry, and the Minister of Transport is fully authorized to assign its chief officials.

The corporation will focus on building and repairing ships, and recycling and breaking up old vessels. It will also develop ports, harbours, waterworks and shipbuilding factories.

The SBIC will be responsible for the continuing rights, legal obligations and interests of Vinashin. SBIC is also required to join hands with the government and the board to restructure Vinashin to completely settle its debts.

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