Under Decision 2108/QD-TTg issued on Thursday, the Government will allow the group to focus on three main areas of building and repairing ships, developing a shipbuilding support industry, and training workers.
The restructuring plan also aims at consolidating the group's brand name and helping it develop.
The group, commonly referred to as Vinashin, has been asked to take a leading role in the industry, a key part of developing Viet Nam's maritime 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 (Sejin-Vinashin and Songsan-Vinashin). It is also a shareholder in Hyundai Vinashin Shipyard Co.
The Ministry of Transport has been asked to instruct Vinashin to implement the restructuring plan while helping the group devise its 2011-15 development strategy.
The Ministry of Finance will guide and supervise Vinashin's financial restructuring and debt settlement while reclarifying the group's charter capital and allocating capital accordingly.
The Ministry of Planning and Investment will help Vinashin register as a new enterprise during the restructuring process while reviewing the group's current investment projects and its capability of balancing capital resources.
The State Bank of Viet Nam will instruct credit institutions to resettle Vinashin's debts and grant new loans to the group.
The restructuring plan is part of an effort to help the giant shipyard group recover massive debts of around VND86 trillion (US$4.4 billion).Source: vnagency.com.vn
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