VietNamNet Bridge – The Vinashin ocean shipping company will be one of two subsidies of the Vietnam Maritime Corporation (Vinalines) that will be permitted to go bankrupt in the process of restructuring Vinalines.

 

Vinalines will also disinvest and dissolve nearly 40 subsidiaries.

The restructuring scheme of Vinalines has been signed by Deputy Prime Minister Vu Van Ninh. Accordingly, the three main areas that Vinalines has to focus on after restructuring consist of ocean shipping, port operation and maritime services.

"Vinalines is the key state-owned enterprise in these three fields," the scheme determines.

To concentrate on the main task, at the same time removing the current difficulties, Vinalines will classify and rearrange its member units. Specifically, two of its subsidies will be allowed to go bankrupt: the Vinashin ocean shipping company (Vinashinlines) and the Vietnam Oil and Gas Transportation Company (Falcon).

These are the two weakest firms of Vinalines, with several “scandals” that recently captured public attention.

Vinalines will also dissolve two other units: its branch in the Mekong Delta city of Can Tho and the Southeast Asian Maritime Human Resources Center Joint Venture (Vina-STC).

In the period of 2012 - 2015, Vinalines will disinvest from 37 other companies and merger the Sea Petroleum Trade Company and the Vinalines Petroleum Company.

After restructuring, Vinalines will hold only 100% stake in two businesses and 50 - 75% of the capital in 30 businesses.

S. Tung