After 10 years, the restructuring of Dung Quat Shipbuilding Industry Company has not yet been completed

On March 7, Deputy Prime Minister Le Minh Khai chaired a meeting of the Steering Committee to handle shortcomings and weaknesses of a number of slow-moving and ineffective projects and enterprises in the Industry and Trade sector and gave comments on Handling plan for Dung Quat Shipbuilding Industry Company Limited (DQS).

SUBMIT TO THE POLITICAL MINISTRY THE RESTRUCTURING PROJECT IN THE 2nd QUARTER OF 2024

Vice Chairman of the State Capital Management Committee at Enterprise Ho Sy Hung said, based on market assumptions, using 100% of DQS’s capacity and proposals to handle current problems and problems. of DQS is approved and implemented, PVN estimates 2 scenarios for DQS’s production and business results in the 2023-2035 period.

The first scenario, restructuring and only investing in additional wharves and auxiliary items, average revenue in the 2023-2025 period is about 1,313 billion VND/year, average profit is about 64 billion VND/year. The second scenario, restructuring and investing in additional wharves and auxiliary items, ship demolition items, average revenue of about 1,499 billion VND/year, average profit of about 65 billion VND/year.

According to Deputy Head of the Government Office Mai Thi Thu Van, the DQS restructuring project has been included in the 2024 work program of the Politburo and Secretariat, and submitted to the Politburo in the second quarter of 2024.

Deputy Head of the Government Office Mai Thi Thu Van said that PVN’s proposed plan is to restructure the business and to do it, a special mechanism is needed. However, up to now, both the State Capital Management Committee and PVN have not stated a clear legal basis, have not determined the authority, policy mechanisms that need to report and propose to the Prime Minister, Deputy Prime Minister – Chief of Staff. Steering Committee to resolve.

Therefore, Ms. Mai Thi Thu Van emphasized that the State Capital Management Committee and PVN need to be more proactive and drastic, seriously and urgently implementing the directions of the Government leaders. The development of a restructuring plan for DQS is under the direct authority and responsibility of PVN and the responsibility of the State Capital Management Committee at the enterprise – the owner’s representative agency according to the provisions of law.

CONFUSED ABOUT THE FEASIBILITY OF THE RESTRUCTURING PROJECT?

Speaking at the meeting, representatives of relevant ministries, branches and units said that up to now, PVN’s proposed plans still have many unsatisfactory contents, and have not clarified the feasibility, optimality, and handling of the problem. definitive reason for the plan to continue restructuring DQS. There has been no agreement with relevant parties on the proposed plan, time to finalize data and reporting data, specific mechanisms, and debt handling plans, especially with lenders and lenders. relevant contractors.

Representatives of the Ministry of Finance and the Ministry of Justice said that PVN’s documents have not yet finalized the data and clarified the feasibility and optimality of the proposed plan. At the same time, there must be a comparison with other options to clarify the optimality, effectiveness and most feasibility of the selected option to submit to the competent authority for consideration and decision.

Therefore, it is recommended to clarify the feasibility and optimality of the plan, and make information and data transparent and public; There must be consensus among relevant entities; At the same time, it is necessary to clarify the legal basis of the specific mechanism and the legal consequences if the specific mechanism is applied.

Phó  Prime Minister Lê  Minh Khai presides;  meeting (Photo: VGP).
Deputy Prime Minister Le Minh chaired the meeting (Photo: VGP).

Leaders of the Ministry of Construction and the State Audit also stated that from a national perspective, DQS is in a very good position for the development of the shipping industry and deep-sea ports. Reality shows that the development direction of DQS is there, so the members of the Steering Committee have agreed to restructure. However, PVN needs a more detailed and specific assessment to determine the development potential of DQS to submit to competent authorities for consideration and decision. At the same time, it is recommended to clarify DQS’s financial status and calculate DQS’s operational efficiency after restructuring.

Representatives of the Central Economic Commission, the State Audit, and the Ministry of Justice all expressed consensus that there should be a final plan to submit to the Politburo, because the longer it lasts, the greater the processing costs. In particular, it is necessary to clearly delineate and separate the implementation of political tasks of state-owned enterprises participating in handling weak enterprises with the tasks of production and business, operating according to market mechanisms to propose special processing mechanism.

BY MARCH 25, DQS PROJECT RESTRUCTURING PROJECT MUST BE SUBMITTED

Speaking at the meeting, Deputy Prime Minister Le Minh Khai expressed his dissatisfaction that the Steering Committee had many meetings to handle the DQS project, but the plans presented by the Committee were still not specific and reasonable.

The Deputy Prime Minister said that proposing restructuring ideas is good, but the explanatory content and accompanying solutions are still not feasible, specific, strict, and convincing. Therefore, we must choose the final solution to deal with it completely, it cannot continue forever and affect the relevant agencies.

The Deputy Prime Minister requested the Committee for Management of State Capital at Enterprises to fully absorb and study the opinions of members of the Steering Committee, complete the project, and report to the Standing Government no later than December 25. 3. Accordingly, re-evaluate and propose the most optimal solution. The plan must be feasible, effective, minimize loss and waste, and the procedure must be clear. Relevant units must be patient and listen in the spirit of prayer to resolve problems in this project.

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