The Vietnam Shipbuilding Industry Group (Vinashin) has been nationalised: it will function as a corporation under the Ministry of Transport. The corporation that will be created through the reorganisation of Vinashin and its subsidiaries will be renamed Shipbuilding Industry Corporation. The new corporation will comprise eight subsidiaries and the government will take ownership of the chartered capital that amounts to $451.5 million. Further, the Vietnam government will provide sovereign-guaranteed bonds worth $626 million at the Singapore Stock Exchange to enable Vinashin to repay its foreign creditors. The bonds will be provided by the Debt and Asset Trading Corporation with a tenor of 12 years.
