THE SOCIALIST REPUBLIC OF VIET NAM
Government News
PM unseats Vinashin Chairman
VGP – PM Nguyễn Tấn Dũng has decided to suspend Mr. Phan Thanh Bình from his Chairmanship of the Việt Nam Shipbuilding Industry Group (Vinashin) as the Government just kickstarted an investigation into financial dilemma of the State-owned company.
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The headquarters of Vinashin in Hà Nội – Illustration photo |
On behalf of the PM, Minister-Chairman of the Office of Government Nguyễn Xuân Phúc announced the decision on July 13 in Hà Nội.
According to Minister Phúc, PM Nguyễn Tấn Dũng ordered to investigate responsibilities and detect faults of Mr. Bình when he carried out the assigned tasks.
Deputy Minister of Transport Nguyễn Hồng Trường was appointed to replace Mr. Bình as the Chairman of Vinashin.
Minister Phúc today revealed that the PM has instructed the establishment of a working group with five specific tasks (i) to restructure Vinashin; (ii) to make full use of the group’s assets and minimize damages for implemented projects; (iii) to reduce negative impacts on workers; (iv) to avoid possible collapse in the banking system; and (v) to punish the perpetrators.
It was reported that Vinashin doesn’t have enough funds for some projects after its customers and lenders were hit by the global recession that started in 2008. The company also over-diversified its business activities and hasn’t managed its cash flow and debt./.
By Kim Anh