Hanoi: The government is rapidly losing patience with top management at debt-laden Vietnam National Shipping Lines (Vinalines) as it fails to quickly restructure. The minister of transport, Dinh La Thang, was angry when at a meeting this week to go through the restructuring of a number of transport related firms, Vinalines general director Nguyen Canh Viet failed to show.
Nguyen was on a trip to Cambodia. Local media reported the minister’s reaction to his failure to show up as questioning: “Going to Cambodia could help him to save Vinalines?”
The minister urged Vinalines to hurry up with its restructuring process.
Vinalines deputy general director Le Anh Son told local media, “Without the restructuring, Vinalines would face high risk of bankruptcy. Currently, the group is insolvent and the banks are not in favour of extending the debt payment schedule for the corporation."
Separately, news on bust shipbuilder Vinashin’s restructuring progress was equally murky.
Vinashin general director Vu Anh Tuan said no improvement had been made in the group’s restructuring.
Vinashin has lost nearly all its equity, and is without working capital and is faced with a number of loans which are due for payment.
Minister Thang told Vinashin to sell as many ships as possible for debt payment from now to June 30. [04/04/13]