Financial Turmoil Hits Leading Shipbuilder in Vietnam

Aerial view of a shipyard
Updated Published

Vietnam's prominent shipbuilder, SBIC, formerly Vinashin, is poised for bankruptcy as numerous attempts to restructure the expansive company have proven unsuccessful.

The Hanoi government is actively engaged in formulating the bankruptcy procedures for a state-owned entity, ensuring its capability to carry on with shipbuilding. The anticipated timeline for the completion of the bankruptcy process is by the end of the first quarter.

SBIC was formed in 2013 following a massive multi-billion dollar financial scandal in its former guise, Vinashin. 

Vietnam holds the position of the seventh-largest shipbuilding nation globally, and SBIC is credited with producing more than 80% of the country's total ship output.