Vietnam’s inefficient state firms in spotlight focus 07/29/2010

Vietnam’s inefficient state firms in spotlight


focus


07/29/2010

HANOI — The near-bankruptcy of one of Vietnam’s largest state-owned enterprises highlights a lack of oversight and easy access to capital by the inefficient business groups, observers say.

In early July the ruling Communist Party announced that the chairman of shipbuilder Vinashin, Vietnam Shipbuilding Industry Group, would be reprimanded for pushing the firm to the brink of bankruptcy.

The government said Pham Thanh Binh had been suspended and was accountable for the group’s debts, which local media said amounted to at least 80 trillion dong ($4.3 billion).

Police are reportedly investigating..... MORE


Source:  The Daily Tribune

URL: http://www.tribuneonline.org/commentary/20100729com7.html