Vietnam’s top shipbuilder, SBIC, formerly known as Vinashin, is set to be declared bankrupt after multiple efforts to restructure the sprawling company have failed.
The government in Hanoi is now working out the bankruptcy process for the state-owned entity whereby it will be able to continue to build ships. The bankruptcy process is expected to be completed by the end of Q1.
SBIC was formed in 2013 following a massive multi-billion dollar financial scandal at its former guise, Vinashin.
Vietnam is the seventh largest shipbuilding nation in the world with SBIC responsible for more than 80% of the country’s ship output.
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