Shipbuilding_Industry_Corporation

Shipbuilding Industry Corporation

Shipbuilding Industry Corporation

Vietnamese shipbuilding holding group

Shipbuilding Industry Corporation (SBIC) is a state-owned shipbuilding holding group in Vietnam, which offers a wide variety of new building choice from merchant vessel to platform supply vessel to other custom made-to-order ships. It was established based on restructured Vietnam Shipbuilding Industry Group.

Quick Facts Native name, Formerly ...

History

The logo of formerly Vietnam Shipbuilding Industry Group

Shipbuilding Industry Corporation's predecessor Vietnam Shipbuilding Industry Group (Vinashin) was a state-owned shipbuilding firm in Vietnam. It was one of Vietnam's leading industrial concerns, and entered into a partnership with Damen,[1] Kongsberg, and Hyundai.[2] Vinashin was heavily indebted,[3] and executives have been arrested for mismanagement,[4] but it has been claimed that further restructuring would allow debts to be repaid within a year.[5] Vinashin folded under a debt burden of $4.5 billion in 2010;[6] as of March 2011, it was being restructured.[7]

Ports

Vinashin operated several ports and shipyards around Vietnam.[citation needed]

In August 2010, Damen Vinashin began construction on a new shipyard on a 42-hectare (100-acre) site in Haiphong.[8]

Ships built

Vinashin constructed both merchant ships and military ships. A number of ships in the Vietnam People's Navy were built by Vinashin. [9]

Merchant ship construction included dry cargo, tankers, lash carriers, and passenger vessels.[10]

Vinashin was the largest shipbuilder in Vietnam, accounting for approximately 80% of shipbuilding capacity.[9]

Bankruptcy and disbandment

Late 2023, the Government of Vietnam, under the resolution offered by the Politburo of the Communist Party of Vietnam, decided to shut down SBIC from the first quarter of 2024 by actively making SBIC and its 7 subsidiaries bankrupt. Only one subsidiary - which had an effective business and also an important joint venture with Damen - would be left surviving and to be renationalized.[11]

References

  1. [1]
    "Damen". Retrieved 2010-09-11.
  2. [2]
    "Vinashin: A rising giant - Kongsberg Gruppen". Retrieved 2010-09-11.
  3. [3]
    "Vinashin boss was suspended at behest of investigative agency - Politics - VietNamNet". 2010-09-01. Retrieved 2010-09-13.
  4. [4]
    "More Officials of Indebted Shipbuilder Arrested - WSJ.com". 2010-09-13. Archived from the original on September 8, 2010. Retrieved 2010-09-13.
  5. [5]
    "www.fairplay.co.uk - Vinashin see debt repayment in one year". Retrieved 2010-12-21.
  6. [6]
    Pham, Nga (2011-01-11). "Vietnam's Communist Party congress faces economic test". Hanoi: BBC News. Retrieved 2011-01-13.
  7. [7]
    "No penalty for Hanoi ship scandal officials: govt". Retrieved 2011-03-27.[dead link]
  8. [8]
    "Damen Builds New Shipyard in Vietnam". Retrieved 2010-09-11.
  9. [9]
    "VINASHIN". 2009-07-02. Retrieved 2010-09-11.
  10. [10]
    "vinashin". Retrieved 2010-09-11.
  11. [11]
    Ngọc An (2023-12-23). "Chính thức phá sản công ty mẹ SBIC và 7 công ty con từ quý 1-2024" [Officially bankrupting the parent company SBIC and its 7 subsidiaries from 1Q2024]. Tuổi Trẻ (in Vietnamese). Retrieved 2023-12-24.


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