Hanoi: A measure of reality has been doled out from Hanoi in its latest economic forecasts. Shipbuilding targets have been slashed following the disastrous three years of financial mismanagement suffered by the nation’s top builder, Vinashin. The government has cut its budget for shipbuilding through to 2020 by around one third, from VND100trn ($4.8bn) to VND68trn.
The spending cuts are also symptomatic of the global malaise for newbuilds. Deputy transport minister Nguyen Hong Truong said Vietnam's shipping industry has taken a hit from the global crisis. [27/11/12]