The Deputy Prime Minister requested that all parties thoroughly handle the Dung Quat shipyard. If it wants to resume operations, it must have a convincing and feasible plan.
At the meeting on October 19, Deputy Prime Minister Le Minh Khai requested that the Vietnam Oil and Gas Group (PVN), the State Capital Management Committee at Enterprises, and representatives of ministries, branches, and banks must agree on a plan to completely handle Dung Quat Shipbuilding Industry Company (DQS).
Deputy Prime Minister Le Minh Khai at the meeting on October 19. Photo: VGP.
Many options have been proposed, of which restructuring Dung Quat shipyard in a direction that allows enterprises to continue production and business has received many consensus opinions.
According to a representative of the Vietnam Development Bank (VDB), allowing the plant to resume operations would be less damaging than bankruptcy and asset liquidation. However, the bank representative said that PVN and the State Capital Management Committee must come up with a restructuring plan that is "truly reasonable and legal."
The representative of the Ministry of Finance also said that restructuring the factory is necessary, but DQS and PVN must work with creditors to agree on a plan to handle liquidated assets, ensuring harmony of interests.
Deputy Minister of Planning and Investment Tran Duy Dong said that in order for the DQS restructuring plan to be feasible, it is necessary to review the mechanisms and regulations on financial handling (related to principal, interest, and penalty interest). In case there is a good plan, the DQS restructuring plan and roadmap also need to be clarified.
The representative of the Central Economic Committee said that proposing a special mechanism to handle this factory is necessary, however, PVN needs to continue discussing with ministries and branches, proposing measures according to mechanisms that have precedents and are easy to implement.
Dung Quat Shipyard.
Representatives of the State Audit and the Ministry of Justice, Public Security, Construction... also requested PVN to explain in detail the proposals for handling assets and finances in the restructuring plan, proving their effectiveness. At the same time, the Capital Management Committee also needs to direct PVN to clarify the contents that do not have a legal basis to seek opinions from competent authorities, and the asset handling solution must have detailed and specific arguments as well as an assessment of future development potential.
Concluding the meeting, Deputy Prime Minister Le Minh Khai said he was "not satisfied" when the proposed options were not clearly explained. He asked PVN and the State Capital Management Committee to explain and convince each option submitted to the competent authority.
"The spirit is that assets that cannot be exploited will be liquidated or temporarily frozen for later liquidation, ensuring harmonious benefits and sharing difficulties," the Deputy Prime Minister stated. According to him, if there is a feasible solution to solve the financial problem, restructuring DQS is the best option.
Dung Quat Shipyard was handed over by PetroVietnam from the Shipbuilding Industry Corporation (SBIC, formerly known as Vinashin) in 2010 with a debt of nearly VND7,500 billion, nearly double the factory's charter capital (over VND3,750 billion). Although PetroVietnam poured nearly VND5,100 billion to pay off the debt and increase the charter capital, the factory is still in a state of financial imbalance and loss.
Since 2017, PVN has proposed to sell this factory, or else declare it bankrupt. In case this factory goes bankrupt, PetroVietnam will not be able to recover the nearly 5,100 billion VND invested here. In addition, bankruptcy procedures are relatively complicated, lengthy and incur additional costs to carry out bankruptcy procedures. Moreover, liquidation of assets can be difficult and limited while resolving ownership issues.
Quynh Trang
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