Asia

Hanoi destroys Vinashin brand, announces replacement

Hanoi: Tạm biệt Vinashin, chào SBIC. Vietnam is saying farewell to one its larger employers and welcome it back with a rebrand. Trying to close a chapter on an embarrassing scandal of misguided state run enterprise, Hanoi has moved to change the name of the nation’s top shipbuilding group.

The Transportation Ministry is changing Vietnam Shipbuilding Industry Group (Vinashin) to Shipbuilding Industry Corporation (SBIC). SBIC will be in charge of eight yards and will be engaged in shipbuilding, repair and conversion.

SBIC will have to restructure 234 companies of Vinashin by equitizing, transfering, selling, merging and dissolving them and continue to carry out the Vinashin restructuring plan that was approved by Prime Minister Nguyen Tan Dung.

Vinashin racked up losses to the tune of billions of dollars in the past three years causing acute embarrassment to the government.  [01/11/13]

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