>> More problems for Vinashin as PM suspends new general director

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Minister of Transport Ho Nghia Dung has revealed the reasons for dismissing Vinashin’s newly-appointed leader from his post.

Mr. Tran Quang Vu

The suspension comes just two months after Tran Quang Vu was appointed as General Executive Director at Vietnam Shipbuilding Industry Group (Vinashin). Tran Van Liem, another member of Vinashin\'s board of directors, was also suspended

Mr. Dung explained that during the recent government probe, clues resulting in the wrongdoing of Vu and Liem were discovered which resulted in the request for them to be suspended. The Prime Minister has approved the request to help ease the investigation.

Vu’s suspension comes only 2 months after taking over as General Director but according to Mr. Dung, it did not mean that the appointment process included any wrongdoing. Vu was a functional director of Vinashin so, after Pham Thanh Binh, former Chairman and General Manager of Vinashin was arrested and charged, Vu held the next highest position and according to procedure, was appointed as General Executive Director.

Mr. Dung said that the board of directors at Vinashin is being rearranged. The recent appointment was just to deal with management issues at the company. He noted that it requires much more time to stabilise a workforce for the board of directors here.

Dung also shared that the issue of wages and insurance for employees working at Vinashin’s subsidiaries has been resolved.

Nguyen Xuan Phuc, Chairman of the Government Office, said that restructuring Vinashin’s debt, clearing unpaid wages and insurance for employees of Vinashin would help drive away worries of their employees so that they would make efforts to contribute to the development of the ship building industry.

Dung also said that ship building projects of Vinashin were very significant and feasible. They had been delayed due to a shortage of capital. Now, the market has been stabilised so these unfinished projects can be resumed if the proper financial support is provided. It will help improve financial issues of Vinashin as well.

“If Vinashin receives the financial support, it can conduct the unfinished ship building projects and gain new contracts,” emphasised Dung.

Vice Minister of Finance Nguyen Cong Nghiep said the Ministry was making plans to restructure Vinashin’s debt and re-evaluate its charter capital. The business scope of this corporation will be limited so it’s necessary to re-evaluate its charter capital.

He also added that the plan of restructuring its debt and re-evaluating its charter capital would be finished as soon as possible.

The State Bank has also directed credit institutions to evaluate and restructure Vinashin’s debts.