Vietnam News Agency reported that the Vietnam government has directed the state owned shipbuilding giant Vinashin to report its existing bank credit debt and propose debt solutions. It said that Vinashin must deliver the report by September 13th 2010.

Mr Hoang Trung Hai Deputy Prime Minister of Vietnam has instructed relevant ministries and agencies to stabilize production and operations, pay its employees and restructure personnel.

The group's managers and member companies conduct online meetings every week to review tasks and to solve emerging problems. The group was instructed to provide social insurance to its employees.

It may be noted that more than 5,000 Vinashin workers or almost 10% of its workforce lost their jobs when the company failed to pay VND 234 billion in salaries and social insurance in June 2010.

Newly appointed Vinashin General Director Mr Nguyen Quoc Anh said that Viet Nam's shipbuilding industry had potential. He said the group was working to overcome the hard times.

The government office reported that Vinashin's total debt was VND 86 trillion at the end of August 2010.

(Sourced from www.vietnamnews.vnanet.vn)