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Vinashin to refocus on shipbuilding and repair

Vinashin to refocus on shipbuilding and repair

Hanoi: Debt laden Vietnam Shipbuilding Industry Group (Vinashin) is refocus on shipbuilding and ship repair under a government approved restructuring plan.
Vinashin came to the brink of bankruptcy earlier this year with debts of $4.2bn as it struggled to deliver vessels on schedule. In recent years the shipbuilding group had diversified into a wide variety of businesses including shipowning, finance, hotels, golf courses and a brewery.

Former chairman Pham Thanh Binh and other senior executives remain under detention for their role in the fiasco.

Under a restructuring plan announced on Thursday the Vietnamese government will allow Vinashin to focus on three main areas of the building and repairing ships, developing a shipbuilding support industry, and training workers. The group was asked to take a key role in developing Vietnam's shipbuilding industry according to local press reports.  [19/11/10]