The Hanoi Regional People’s Court Zone 2 has issued a decision to initiate bankruptcy proceedings against the Shipbuilding Industry Corporation (SBIC) and Ben Thuy Shipbuilding One-Member LLC.
This decision was made after the court found sufficient evidence that both enterprises had lost their ability to pay debts as stipulated by law.
 Despite rebranding and restructuring, SBIC remains mired in debt. Photo: SBIC |
According to the decision, within 30 days from January 14, creditors must submit debt claims to the Hanoi Regional People’s Court Zone 2, located at 30 Huynh Thuc Khang Street, Lang Ward, Hanoi.
Debt claims must be sent to the court-appointed administrator or the asset management and liquidation company. In cases of force majeure or objective obstacles, the process will follow Article 66, Clause 4 of the Bankruptcy Law.
Debt claims must specify secured debts and their collateral methods, as well as unsecured debts. Any compensation claims under contracts must also be clearly stated.
 Information about the person responsible for conducting the bankruptcy proceedings.
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Debt claims must be accompanied by documents and evidence proving the debt. Claims must be signed by the creditor or their legal representative. For legal entities, the official seal is required.
Previously, in April 2024, SBIC filed for bankruptcy with the Hanoi People’s Court due to its inability to pay debts. Subsequently, several subsidiaries also filed for bankruptcy, including Phà Rừng Shipbuilding One-Member LLC, Bach Dang Shipbuilding One-Member LLC, Halong Shipbuilding One-Member LLC, Saigon Shipbuilding and Maritime Industry One-Member LLC, Saigon Information Technology One-Member LLC, Cam Ranh Shipbuilding One-Member LLC, and Thinh Long Shipbuilding One-Member LLC.
Alongside the bankruptcy proceedings, the Ministry of Transport (now the Ministry of Construction) has proposed to the Prime Minister that the Ministry of Labor, War Invalids, and Social Affairs (now the Ministry of Home Affairs) consider mechanisms to freeze social insurance debts of employees, waiving late payment interest. If proceeds from the bankruptcy are insufficient to fully address employee entitlements, it is proposed to use the state budget.
The Ministry of Transport also suggested allowing employees and managers at the parent company and SBIC subsidiaries to settle salary funds based on actual expenditures from 2014 to 2023. From 2024 onward, salaries would be determined based on the production and business results of each unit.
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SBIC is the new name of Vinashin following its restructuring. Formerly, Vinashin was considered one of the economy’s “steel pillars,” with over 240 member units operating across multiple sectors. In 2010, the Government Inspectorate announced findings of severe violations and losses, resulting in Vinashin’s deficit of nearly VND 5 trillion, failing to preserve state capital. After its leadership faced criminal charges, Vinashin underwent restructuring from 2010, transforming into a corporation in 2013 and rebranding as SBIC. From 2014 to 2023, SBIC did not engage in direct production or business activities, primarily focusing on management, administration, and strategic direction. However, its business operations remained ineffective. |
VIẾT LONG
– 15:42 17/01/2026
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