Vinashin to privatise subsidiaries

Hanoi: Vinashin, Vietnam's largest state-run shipbuilder, plans to privatise all its subsidiaries this year to raise funds for expansion, a government report said on Monday. The report, published on the government's Web site ( www.vietnam.gov.vn ), quoted Vinashin executive Pham Thanh Binh as saying privatisation would give the company more autonomy in decision making and raise productivity. "The subsidiaries, as well as the mother companies, will be listed on the stock exchange following privatisation to raise capital for more investment," Binh said. The corporation, which was established in 1996 and has around 40 subsidiaries, plans to issue bonds overseas to raise more than $2bn to expand capacity by 2010.  [22/01/07]