Vinashin Gets New Name in Vietnam State-Company Overhaul
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Vietnam Shipbuilding Industry Group, the debt-ridden national shipbuilder, is being renamed and restructured as the government works to reform inefficient state-owned enterprises that are weighing down the economy.
Vinashin, as the company is known, will have its name changed to Shipbuilding Industry Corp., or SBIC, the transport ministry said in a statement posted on its website yesterday. SBIC will be state-owned with eight subsidiaries and registered capital of 9.52 trillion dong ($451 million), the ministry said.