Vinashin told to report on debt solutions

Vinashin must deliver the report by next Monday.

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 per cent of its workforce, lost their jobs when the company failed to pay VND234 billion (US$12 million) in salaries and social insurance in June.

Newly-appointed Vinashin General Director Nguyen Quoc Anh said that Viet Nam'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 VND86 trillion ($4.41 billion) at the end of last month.

vietnamnews

>   Farmers okay $6.2m compo from Vedan (09/09/2010)

>   Brickmakers wait for better months (07/09/2010)

>   Electricity of Vietnam Seeking Banks for $1 Billion Bond Sale (07/09/2010)

>   Viettel reduces roaming costs (06/09/2010)

>   Air cargo makes VN fruit more competitive (06/09/2010)

>   Forbes calls Vinamilk an ‘udder success’ (06/09/2010)

>   Boeing supports Vietnam Air’s aircraft interior upgrade (03/09/2010)

>   Mobile phone service providers offer widespread tariff reductions (03/09/2010)

>   Canal project will open lower Mekong to mid-sized ships (03/09/2010)

>   Lefaso chief anticipates footwear production transfer, market expansion (31/08/2010)