VietNamNet Bridge - The Vietnam National Shipping Lines (Vinalines) has asked for the Ministry of Transport’s permission to sell an 83M floating dock for VND34.8 billion, or $1.5 million. 


The floating dock is part of an embezzlement case. Vinalines, which was then led by Duong Chi Dung, bought the dock from a Russian company through a Singaporean brokerage firm. The corporation spent $22 million to buy a rusty and heavily damaged dock.

Dung, who was president of Vinalines and Mai Van Phuc, general director, were found guilty of receiving VND10 billion each in the deal. They were both given death sentences at the court.

If the floating dock is sold at $1.5 million as hoped by Vinalines, this would be a ‘dirt cheap price’ compared with the price at which Vinalines spent to buy it. However, experts doubt that the dock can be sold, even for such a knock-down price.

If the floating dock is sold at $1.5 million as hoped by Vinalines, this would be a ‘dirt cheap price’ compared with the price at which Vinalines spent to buy it.

Ngo Can, former head of the Shipbuilding Science and Technology Institute, said he did not know if the suggested price is for a floating dock or for scrap steel. 

“If Vinalines sells the dock as scrap steel, it would not be able to collect such a big amount of money. And I don’t think there would be someone who may buy it to use,” Can said, adding that the buyer would have to spend big money to repair the dock before use.

He affirmed that it would be very difficult to sell the dock. No one would take on ‘rusty steel’, especially because of the risk of helping Vinalines settle a scandal. No one will buy it for exploitation, either.

“Once Vinalines gives up, no company would want to repair such a big dock,” he said.

“The world’s shipping industry is in crisis. Ships and transport means are in abundance. Foreign firms would not be foolish enough to take on the ‘rusty steel pile’,” he said.

Nguyen Dang Cuong, a shipbuilding expert in Poland, also thinks it is very difficult to find investors who may be interested in the dock, while Do Thai Binh from the HCM City Marine Sciences Association said that the floating dock could be sold only as scrap steel.

Since it is not feasible to sell 83M as a dock, some people have suggested using it for other purposes.

Cuong suggested selling the dock for exploitation as a floating restaurant, while some people have even suggested developing the dock into a private museum.

Meanwhile, Binh thinks that old ships could be used as teaching aids that serve maritime education, both military and civil education.

The 83M dock has been staying at the Go Dau B Port in Dong Nai province.

Dat Viet