Headquarters of SBIC in Hanoi. (Photo: tienphong.vn) In recent conclusions reachedby the Political Bureau, the ongoing resolution process for SBIC and itssubsidiaries involves the retrieval of assets and property rights of both SBICand its seven affiliated companies, all in accordance with prevailing legalregulations.
The primary objective duringthe SBIC bankruptcy is to maximise the recovery of capital and assets whileminimising the reliance on state budgets. Any use of state funds must strictlyadhere to legal provisions, with a focus on reducing financial losses for thestate, related organisations and individuals, particularly within theshipbuilding and repair sector.
To execute this plan, thegovernment has mandated a thorough assessment of each entity's current status,prompting the development of specific action plans. For SBIC and its sevensubsidiaries, including Ha Long, Pha Rung, Bach Dang, Thinh Long, Cam Ranh,Saigon Shipbuilding Industry Co Ltd, and Saigon Shipbuilding and MarineIndustry, an urgent review is required. The completion of necessarydocumentation and legal procedures for bankruptcy proceedings is expected bythe first quarter of 2024.
Regarding Song CamShipbuilding JSC, the Government aims to recover the capital contribution fromits parent company, SBIC. The subsidiary company Bach Dang Shipbuilding, aone-member limited liability company, will adhere to the bankruptcy proceduresoutlined in the law, including regulations related to the transfer of statecapital. The anticipated timeframe for this process is the second quarter of2024.
For businesses under thestructure of the Vietnam Shipbuilding Industry Group (Vinashin) that werepreviously identified as not remaining in the SBIC structure, but have yet tocomplete restructuring, further action is required to recover assets andproperty rights during the bankruptcy and capital transfer process. Theexpected timeline for implementation is the second quarter of 2024.
The Government has also calledfor a study to apply appropriate mechanisms and policies within itsjurisdiction and various ministries. Proposals will be made to the NationalAssembly, Supreme People's Court, and Supreme People's Procuracy to promptly issueguidelines, mechanisms, and policies to address difficulties and challengesarising in the SBIC and its seven subsidiaries bankruptcy proceedings.
Additionally, there is anemphasis on reviewing and accurately assessing the current situation,comprehensively calculating the assets, finances, and debt obligations of SBIC.A plan will be devised to settle the government's debt obligations at SBIC.Simultaneously, efforts will be directed towards enhancing the capabilities ofdomestic shipbuilding companies, accompanied by increased informationdissemination to garner widespread public support.
The Government underscores itscommitment to safeguarding the legitimate rights and interests of workers,preventing negative moral impacts, and avoiding disturbances to politicalstability and social order./.
VNA
