Pham Thanh Binh News

Vinashin Shipbuilding Industry Corp. ex-officials in appeal against sentences for losses to the state budget of VND910 billion (US$43.5-million). Shipbuilding giant Vinashin, a state-owned company founded in 1996, came to the verge of bankruptcy in 2009 after accumulating an enormous debt of over $4.11 billion. The government later introduced reforms to get the embattled shipbuilder back on track. The Supreme People’s Court opened the hearing to consider the appeals of eight out of the nine defendants who had been sentenced by the Hai Phong city people’s Court in March for “intentionally violating the State’s economic management regulations, which causes serious consequences”. Among the eight is Pham Thanh Binh, former Vinashin chairman, 59, who has been sentenced to 20 years in prison.

Hanoi — Eight former top executives at Vietnam's state-owned shipbuilder have appealed against lengthy prison sentences handed to them over their role in its near-collapse, official media said Wednesday. Chairman Pham Thanh Binh, 58, was jailed for 20 years late last month for intentionally violating state regulations at Vinashin, which racked up billions of dollars of debts, shaking investor confidence in the Communist country. Seven other former top executives at the company, formally known as the Vietnam Shipbuilding Industry Group, were given sentences of between three and 19 years after a four-day trial in the northern port city of Haiphong.

According to an AFP report, Vietnam has named a new chairman to take over Vietnam Shipbuilding Industry Group (Vinashin), after the last head was arrested for driving the company into massive debt. Prime Minister Nguyen Tan Dung reportedly appointed Nguyen Ngoc Su, formerly deputy head of state-owned oil and gas firm PetroVietnam, to head the shipbuilder. He replaces Pham Thanh Binh, who was suspended in July and later arrested due to the group's debts,. (Source: AFP)

According to a July 14 report from Bloomberg, Vietnam Shipbuilding Industry Group Chairman Pham Thanh Binh was suspended from his post as the government began an investigation into financial difficulties at the state-controlled company. Vinashin, as the shipbuilder is known, doesn’t have enough funds for some projects after its customers and lenders were hit by the global recession that started in 2008, the Ministry of Transportation said July 1. The company also over diversified its businesses and hasn’t managed its cash flow and debt properly, according to the transport ministry statement. (Source: Bloomberg)

Rolls-Royce, a provider of marine power systems and services, signed a memorandum of understanding (MoU) with Vietnam Shipbuilding Industry Group (Vinashin) in . The aim is to work together to help develop ’s fast-growing marine industry. The scope of the partnership will include identifying potential strategic partners for development of shared business interests, which include the delivery of propulsion systems as well as developing a sourcing strategy that enhances the business activities of both parties in and for the export market. It will also develop a sourcing strategy that enhances the business activities of both parties in and for the export market.

At a ceremony in Hanoi on November 8, 2004, a "Licence and Co-operation Agreement" was signed by Vietnam Shipbuilding Industry Corporation (Vinashin) and MAN B&W Diesel A/S, Denmark. The new agreement, which was signed by Vinashin Chairman & C.E.O. Mr Pham Thanh Binh and MAN B&W Executive Vice President Dr Peter Sunn Pedersen at a televised ceremony in Hanoi, will provide Vinashin with technology and support for the production of MAN B&W two-stroke diesel engines for the growing Vietnamese shipbuilding industry. The agreement is a logical consequence of the Vietnamese government's decision to build up the country's shipbuilding industry, which has already manifested itself in an impressive inflow of orders from Vietnamese and foreign owners.

Wärtsilä and Vietnam Shipbuilding Industry Corporation (Vinashin) signed a license agreement for the manufacture and sale of Wärtsilä low-speed marine engines in Vietnam. The agreement was signed by Pham Thanh Binh, Chairman & CEO of Vinashin and Mr Martin Wernli, President of Wärtsilä Switzerland Ltd. The agreement grants Vinashin the right to manufacture certain types of Wärtsilä modern low-speed engine types between 48 and 82 cm bore size at their works in Vietnam. The first delivery of a Wärtsilä engine is scheduled for the beginning of 2010, with production building up to a targeted annual output of 30 to 40 engines. At the same time Wärtsilä Corporation announced it is expanding its representation in Vietnam by opening a branch office today in Hanoi.

Vietnam Shipbuilding Industry Group (Vinashin) officially opened its new subsidiary Vinashin Offshore Industries (Vinaoffshore) in Ha Noi. Vinaoffshore will focus on manufacturing floating storage and off-loading (FSO) units, single print moorings, oil drilling vessels and other heavy equipment, said Tran Thanh Nam, Vinaoffshore director. The new entity will also use resources from Vinashin and other affiliates to sign manufacturing contracts and upgraded equipment used for marine exploitation. Vinashin CEO Pham Thanh Binh said Vinaoffshore was assigned to manufacture FSOs for an affiliate of State-owned PetroVietnam. The FSOs are designed to have a load capacity of 150,000 tonnes and handle 15,000 tonnes of oil a day.

The Viet Nam Shipbuilding Industry Group (Vinashin) signed a contract to supply eight car carriers to Norway’s Hoegh Auto liners, according to a report on http://vietnamnews.vnagency.com.vn. Each carrier will have a total loading capacity of 6,900 cars. "This is a landmark moment for Vinashin. It not only represents the capability of Vinashin to build large vessels, but also represents the rapid expansion of Vinashin in the international market," said Vinashin’s CEO Pham Thanh Binh. The carriers, reportedly designed by DeltaMarin of Finland, will measure 200 x 32.2 m with a cruising speed of 20.5 mph. The first carrier will be delivered in December 2009, with the remainder being delivered six months after that.

According to reports, the Vietnam Shipbuilding Industry Group (Vinashin Group) will exert an all-out effort to make the country the world's fourth largest shipbuilder by 2015. President and CEO of Vinashin Group Pham Thanh Binh spoke about the plan at a ceremony in Ha Noi on July 8 to announce the Prime Minister's decision on the establishment of the Vinashin Group and to mark the 10th founding anniversary of the Viet Nam Shipbuilding Industry Corporation (Vinashin), the predecessor of the Vinashin Group. The Vinashin Group will concentrate on expanding existing shipyards and building additional ones to form major shipbuilding complexes in the country's northern, central and southern regions.