Sbic News

Vietnam has arrested a former chairman of state-owned Shipbuilding Industry Corporation (SBIC) for alleged abuse of power, police said on Friday, as the Southeast Asian nation cracks down on graft. A spate of high-profile arrests has shed light on graft, mismanagement and nepotism in state firms at a time of accelerating privatization, while spotlighting the ascendancy of a more conservative faction in the ruling Communist Party. Nguyen Ngoc Su of SBIC, formerly known as debt-laden and troubled Vinashin…

Prime Minister Nguyen Tan Dung approved a decision to build specialized ships for maritime research and survey purposes only in local shipyards associated with Vietnam Shipbuilding Industry Corporation (SBIC). From now onwards only member companies of the Hanoi-based SBIC, previously known as Vinashin, are allowed to join those tenders to secure the rights to build such ships. Prime Minister Dung has assigned the Ministry of Natural Resources and Environment to actively work with the Ministry of Planning and Investment and the Ministry of Finance to allocate necessary capital for the project. The premier has also agreed to extend the…

On March 20, 2014, Vietnamese Minister of Transport Nguyen Hong Truong, cut the ribbon for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam is a new yard, and is one of the largest in the group and represents Damen’s first formal Joint Venture yard in Vietnam. Damen said Song Cam is considered state-of-the-art, bringing a western shipyard designed to meet European health, safety and environmental standards into a Vietnamese environment. The yard will produce around 40 ships per year in phase one.

On March 20, Vietnamese Minister of Transport Nguyen Hong Truong, carried out the official Vietnamese ribbon-cutting ceremony for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam, a brand new yard, is one of the largest in the group and represents Damen’s first formal Joint Venture yard in Vietnam. Damen said Song Cam is considered state-of-the-art, bringing a western shipyard designed to meet European health, safety and environmental standards into a Vietnamese environment. The yard will produce around 40 ships annually in the first phase.

The Saigon Shipbuilding & Marine Industries One Member Co, Ltd. (Saigon Shipmarin) is completing construction of an 60- x 11-meter LPG carrier. With capacity for 1,400 cubic meters in two tanks the vessel’s hull has a four-meter molded depth and a 2.6-meter draft. Designed by a related company to Saigon Shipmarin, the vessel, to be named FACO, is owned by the F.A. Joint Stock Company. Being built to the Vietnam Register Rules and National Inland Regulations, the vessel will be classed for near shore and river operations.

Vietnam Shipbuilding Industry Group, the debt-ridden national shipbuilder, is being renamed and restructured as the government works to reform inefficient state-owned enterprises that are weighing down the economy, reports the country's Thanhnien News. Vinashin, as the company is known, will have its name changed to Shipbuilding Industry Corp., or SBIC, according to a Transport Ministry statement cited by Thanhnien News. SBIC will be state-owned with eight subsidiaries and registered capital of 9.52 trillion dong ($451 million). The shipbuilder, whose near-bankruptcy spurred sovereign credit downgrades, defaulted on a $600 million internationally syndicated loan in 2010. Vinashin had indicated it plans to cut 14,000 jobs, more than half its workforce. Source: Thanhnien News