Shipbuilding Corporation speeds up restructuring subsidiaries

The State-run Shipbuilding Industry Corporation (SBIC) is to restructure 152 subsidiaries in 2015, General Director Vu Anh Tuan revealed at a conference setting the year’s tasks on January 16.

The corporation will sell stakes in 28 companies and dissolve 43 others while another 39 will be filed for bankruptcy in the year, he noted.

Last year, SBIC completed the restructuring of 42 subsidiaries, bringing the total number of its restructured firms to 100 so far.

As much as US$135 million of foreign debt and VND16.61 trillion (US$790.95 million) of domestic debt was also restructured, and SBIC is still working on it.

The corporation generated nearly VND5.72 trillion (US$272.38 million) in production value in 2014, about VND4.74 trillion (US$225.71 million) of which coming from shipbuilding and repair services.

Its total revenue from both core and non-core activities was estimated at VND7.64 trillion (US$363.8 million) last year, representing 128.96% of the set target.

SBIC expects to earn nearly VND7.22 trillion (US$343.8 million) in 2015, accounting for 94.46% of the 2014 figure, with VND4.72 trillion from shipbuilding and VND375 billion from repair activities.

State-owned enterprise restructuring is part of the economic restructuring scheme stated in the National Assembly’s Resolution No.10/2011/QH13 on the socio-economic development plan for 2011 to 2015. Public investment and the banking system are also being restructured. 

Among 479 SOEs subject to the reorganisation in 2014 and 2015, 143 had been equitised by December 25, 2014, while 14 others were merged, three dissolved, three sold, and three filed for bankruptcy, according to the Steering Committee for Business Renovation and Development.