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Gov't approves Vinashin's restructuring scheme
The Government has approved Vinashin Business Group's restructuring plan to stabilise the corporation's operations while helping them pay off debts.
Under decision 2108/QD-TTg issued on Thursday, the Government will allow Vinashin to focus on three main areas of building and repairing ships, developing a shipbuilding support industry, and training workers.
The group has been asked to take a leading role in Vietnam's shipbuilding industry which is key to developing Vietnam's maritime industry and sea strategy towards 2020.
After restructuring, Vinashin will operate under the shareholding company model, with a parent company, subsidiaries, and stakes in other enterprises.
The parent company will work as a one member limited company with 100 per cent of its charter capital held by the State.
Vinashin's subsidiaries include Nam Trieu Shipbuilding, the Bach Dang and Pha Rung corporations and two joint-ventures. It is also a shareholder in Hyundai Vinashin Shipyard Company.
To be updated.
vietnamnews
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