Deputy Minister of Construction: SBIC's bankruptcy file was brought to court before the two ministries were "under one roof"

(PLVN) - "In order to implement Resolution 220/NQ-CP of the Government, we have completed the bankruptcy procedures for the parent company - Shipbuilding Industry Corporation (SBIC) and its subsidiaries... Currently, the documents for the procedures have been sent and are awaiting the final decision of the Court", said Mr. Nguyen Xuan Sang - Deputy Minister of Construction .

03/05/2025 14:36

Mr. Nguyen Xuan Sang - Deputy Minister of Construction.

(PLVN) - "Implementing Resolution 220/NQ-CP of the Government , we have completed bankruptcy procedures for the parent company - Shipbuilding Industry Corporation (SBIC) and its subsidiaries... Currently, the documents for the procedures have been sent and are awaiting the final decision of the Court", said Mr. Nguyen Xuan Sang - Deputy Minister of Construction.

After merging and reorganizing the apparatus, the Ministry of Construction has more than 10 enterprises. Among them, there are big brands that have been operating stably and effectively such as Housing and Urban Development Corporation (HUD), Vietnam Air Traffic Management Corporation (VATM), Vietnam Machinery Installation Corporation (LILAMA) ..., but besides that, there are still problems that need time to handle such as the procedure to declare bankruptcy of SBIC or the continuous loss situation at an enterprise in which the State holds 100% of the charter capital.

It is known that previously, the Ministry of Transport (formerly) worked with a number of SBIC subsidiaries - the subjects that must carry out asset disposal in accordance with the spirit of Resolution 220/NQ-CP dated December 22, 2023 of the Government. Accordingly, bankruptcy in this case is clearly defined as selling the enterprise to a new owner, which could be the State, State-owned enterprises or non-State enterprises, foreign investors...

SBIC is one of 8 enterprises under the Ministry of Construction, with the State holding 100% of charter capital.

Speaking with PLVN, Deputy Minister of Construction Nguyen Xuan Sang - who used to be in charge of this sector of the (former) Ministry of Transport, believes that: "After completing the bankruptcy procedures, the new owner will come in, production and business activities will certainly improve. Workers of shipyards should not worry too much!"

According to the Deputy Minister, the bankruptcy declaration dossier of the parent company - SBIC and its subsidiaries has been sent to competent courts in provinces and cities such as Nam Dinh, Hai Phong, Quang Ninh...

“However, because this is an unprecedented case of having to file bankruptcy proceedings against a large enterprise like SBIC, the prosecuting agencies are still considering it,” said Mr. Sang, adding that these enterprises are waiting for the court’s final decision on the one hand, and continuing to maintain stable production and business activities on the other hand.

According to research, before the merger - August 2022, the old Ministry of Construction no longer had the Department of Enterprise Management. However, the old Ministry of Transport still had the Department of Enterprise Management run by Acting Director Tran Manh Hung. Unlike the old Ministry of Construction, the old Ministry of Transport has many public-interest enterprises such as VATM, the Northern Maritime Safety Corporation and the Southern Maritime Safety Corporation.

Meanwhile, a recent report said that the business sector under the Ministry of Construction (formerly) is basically doing well, with many businesses such as Viglacera Corporation, HUD, Liama... making large profits. In particular, the Vietnam Cement Corporation (VICEM) has been in a loss-making situation for many years. Specifically, in 2024, this "Corporation" lost more than 1,400 billion VND.

Before merging the two ministries, VICEM reported a loss of more than 1,400 billion VND.

Regarding this issue, on March 3, at the Ceremony to announce the decisions on personnel work of this Ministry, Mr. Vu Ngoc Anh - Director of the Department of Science - Technology and Environment of the Ministry of Construction (formerly) was appointed as Director of the Department of Enterprise Management of the Ministry of Construction. This department is said to continue to be maintained to carry out legal procedures related to the restructuring of SBIC and will cease operations before December 31, 2030.

Who is leading the struggling businesses?

Due to SBIC's difficulties, Mr. Nguyen Xuan Sang - Deputy Minister of Transport (former) spent nearly a year concurrently in charge of SBIC's Board of Members (BOM). In September 2024, Mr. Pham Hoai Chung - Deputy Director of the Institute of Transport Strategy and Development (former Ministry of Transport) was appointed as Chairman of SBIC's Board of Members to replace Mr. Sang.

At the same time, the former Minister of Construction also appointed Mr. Nguyen Quoc Viet - Member of the Board of Directors of VICEM to hold the position of Chairman of the Board of Directors of this "General".

Source: https://baophapluat.vn/thu-truong-bo-xay-dung-ho-so-pha-san-sbic-da-len-toa-truoc-khi-2-bo-ve-mot-nha-post541516.html