Vinashin Cuts Jobs as Vietnam Overhauls State Companies
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Vietnam Shipbuilding Industry Group, the state company whose near-bankruptcy contributed to credit downgrades and banking system concerns, said it will fire 14,000 employees, or more than half of its workforce.
The company, known as Vinashin, plans to initially eliminate 8,000 employees who have no work and carry out further job cuts later, according to a Sept. 16 posting on the company’s website.