Vinashin signs contracts for building 16 new ships in 2011

In the plan for 2011, the group has valid contracts with 87 ships worth $1.387 billion; contracts for building 16 new ships have recently been signed with value of $377 million. In addition, Vinashin will further promote ship-repairing contracts as this is a favourable market and the efficiency is generally higher than shipbuilding. The group will focus on investing into the remaining items of the facilities for support industries, improving product quality to meet the requirements of building ships for export, supplementing equipments and enhance the capacity of the shipyards.

S&P downgrades Vietnam on susceptible bank sector

S&P warned on Dec. 13 that exposure to Vinashin, or Vietnam Shipbuilding Industry Group, was likely to damage the creditworthiness and balance sheets of some Vietnamese banks.

Vinashin works way out of trouble

Since early November, Nam Trieu Shipbuilding Industry Corporation, a wholly owned subsidiary of Vinashin in northern Haiphong City, has resumed long-delayed plans for building 53,000 dead weight tonnage (dwt) vessels, 56,000dwt vessels and 750 twenty-foot equivalent unit vessels. Truong Thanh Hung, head of the corporation’s Production Planning Department, said two, 53,000dwt vessels could be handed over to Vietnam National Shipping Lines by the end of this month.

Vietnam produces its first electric cables for ships

The Middle Area Construction and Shipbuilding Industry Company (Macshinco), an affiliate of Vinashin Group, officially handed over 20 tonnes of ship electric cables to the Saigon Shipbuilding Industry Corporation on December 16 at the Hoa Khanh Industrial Zone in the central city of Danang.

2010 – the unlucky year for many Vietnamese businessmen

While many CEOs in the world have been dismissed for the losses made in the 2010 fiscal year, the difficult post-global crisis period, a lot of Vietnamese businessmen too have been facing big troubles. Especially, Vinashin (the Vietnam Shipbuilding Industry Group), the giant in the shipbuilding industry, has been bogged down in debts and difficulties.

Chief law maker meets Hanoi voters

Voters repeated concerns on hot issues which have stirred up lively debate at the NA sessions, such as the safety and efficiency of the bauxite project in the Central Highlands after the crisis of a mudslide in Hungary, and huge debts by the State-run shipbuilding giant Vinashin. They also asked the legislative leader about what measures would be taken by the NA to strengthen supervision at the top level, ensure the enforcement of laws regarding land and the harmony of forest land leasing and environmental protection. Other hot issues included climate change and the national defence.

Near-bankrupt Vinashin may owe 3% of Vietnamese banks’ loans

Vietnam Shipbuilding Industry Group, the near-bankrupt ship maker, may account for as much as 3 percent of some Vietnamese banks’ loan portfolios, putting them at risk for restructuring, Moody’s Investors Service said. State-owned Vietnam Shipbuilding, also known as Vinashin, said Nov. 19 it may delay a $60 million principal payment on a $600 million loan, according to Karolyn Seet, a Singapore-based financial institutions analyst at Moody’s, who wrote she now questions the extent of government backing for the company.

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