Vinashin revenue down 71% in the first nine months

Vietnam's state shipbuilder Vinashin continues to struggle as it registered a 71% plunge in revenue in the first nine months of this year, Seatrade Asia online reports.

The shipbuilding group's income reached VND1.48trn ($71m) in the first three quarters of 2012. Production value stood at VND2.62trn during the period, down by 50% year-on-year.

Vinashin completed and delivered eight ships and barges worth approximately $55m in the nine months.

The state firm is deeply saddled with debts of more than $4bn since 2010 and an effort has been made to reorganise the management.