Vietnam Oil and Gas Group (PetroVietnam) has acquired Dung Quat Shipyard and shipbuilding projects from the financially troubled Vietnam Shipbuilding Industry Group (Vinashin).
Dung Quat Shipyard vice-chief Huynh Van Dieu said the process will be completed before 30 September 2010.
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Vietnam’s Government said Vinashin and its management board must review and make clear its responsibility for the group’s VND80tn ($4.2bn) debt.
Steering Committee on Enterprises Renovation and Development vice-head Pham Viet Muon said: “After restructuring, around VND20tn ($1.05bn) of debt will be transferred to PetroVietnam and Vinalines from Vinashin.”
Vinashin’s assets are worth VND90tn ($4.7bn), but its total debt is over VND80tn ($4.2bn).
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