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Vietnam government to investigate Vinashin's finances

Vietnam government to investigate Vinashin's finances

Hanoi: The Vietnamese government is set to undertake a delayed investigation into the finances of Vietnam Shipbuilding Industry Group (Vinashin) According to local reports Mai Quoc Binh the country's vice-chief inspector the Government Inspectorate would investigate Vinashin's financial situation in May this year. The inspection was supposed to have taken place last year, but it was delayed due to the financial crisis. Vinashin is under scrutiny over ballooning debt levels following its rapid expansion in international shipbuilding in the latter part of the last decade. At least 16% of the state shipbuilder's $4.1bn orderbook has been cancelled while many other newbuildings face lengthy delays due to design and production problems. [09/03/10]

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