Shipbuilding Industry Corporation (SBIC) is a state-owned shipbuilding holding group in Vietnam, which offers a wide variety of new building choice from merchant vessel to platform supply vessel to other custom made-to-order ships. It was established based on restructured Vietnam Shipbuilding Industry Group.

History

Shipbuilding Industry Corporation's predecessor Vietnam Shipbuilding Industry Group (Vinashin) was a state-owned shipbuilding firm in

Vietnam Vietnam, officially the Socialist Republic of Vietnam (SRV), is a country at the eastern edge of mainland Southeast Asia, with an area of about and a population of over 100 million, making it the world's List of countries and depende ...

. It was one of Vietnam's leading industrial concerns, and entered into a partnership with Damen,

Kongsberg Kongsberg () is a historical mining town and municipality in Buskerud county, Norway. The city is located on the river Numedalslågen at the entrance to the valley of Numedal. Kongsberg has been a centre of silver mining, arms production and fo ...

, and

Hyundai Hyundai is a former South Korean industrial conglomerate ("''chaebol''"), which was restructured into the following groups: * Hyundai Group, parts of the former conglomerate which have not been divested ** Hyundai Asan, a real estate construction ...

. Vinashin was heavily indebted, and executives have been arrested for mismanagement, but it has been claimed that further restructuring would allow debts to be repaid within a year. Vinashin folded under a debt burden of $4.5 billion in 2010; as of March 2011, it was being restructured.

Ports

Vinashin operated several ports and shipyards around Vietnam. In August 2010, Damen Vinashin began construction on a new shipyard on a site in

Haiphong Haiphong or Hai Phong (, ) is the third-largest city in Vietnam and is the principal port city of the Red River Delta. The municipality has an area of , consisting of 8 urban districts, 6 rural districts and 1 municipal city (sub-city). Two o ...

Ships built

Vinashin constructed both merchant ships and military ships. A number of ships in the

Vietnam People's Navy The Vietnam People's Navy (VPN; ), internally the Naval Service (), also known as the Vietnamese People's Navy or simply Vietnam/Vietnamese Navy (), is the naval branch of the Vietnam People's Army and is responsible for the protection of the ...

were built by Vinashin. Merchant ship construction included dry cargo, tankers, lash carriers, and passenger vessels. Vinashin was the largest shipbuilder in Vietnam, accounting for approximately 80% of shipbuilding capacity.

Bankruptcy and disbandment

Late 2023, the

Government of Vietnam The Government of the Socialist Republic of Vietnam (; less formally the Vietnamese Government or the Government of Vietnam, ) is the Cabinet (government), cabinet and the central Executive (government), executive arm of the Politics of Vietn ...

, under the resolution offered by the

Politburo of the Communist Party of Vietnam The Political Bureau (Politburo) of the Communist Party of Vietnam Central Committee is the highest body of the Communist Party of Vietnam (CPV) in between gatherings of the National Congress and of the plenary sessions Central Committee. Accord ...

, decided to shut down SBIC from the first quarter of 2024 by actively making SBIC and its 7 subsidiaries bankrupt. Only one subsidiary - which had an effective business and also an important

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

with Damen - would be left surviving and to be renationalized.

References

External links

* Manufacturing companies based in Hanoi Defence companies of Vietnam Shipbuilding companies of Vietnam Government-owned companies of Vietnam Vehicle manufacturing companies established in 2013 Transport in Vietnam Vietnamese companies established in 2013 {{Vietnam-company-stub