Vietnamese shipping line Vinalines has taken control of 36 vessels from Vinashin, spending up to US$26 million to repair and insure the vessels, as well as to pay crew. In July, it was reported that the shipbuilder, Vinashin, must hand over 13 shipyards, shipbuilding industrial parks and shipping lines to PetroVietnam and Vinalines according to a restructuring plan. The two state-owned companies will also absorb Vinashin’s debts.
Vinalines' temporary take-over of Vinashin’s operations will last for two years during which it expects to receive government assistance for settling Vinashin’s debts.
Vinalines' temporary take-over of Vinashin’s operations will last for two years during which it expects to receive government assistance for settling Vinashin’s debts.