According to the decision of the Hanoi People's Court, from May 5, 2025, Vinashin Duong Telecommunication One Member Co., Ltd. (Vinashinlines) was officially declared bankrupt.
Vinashinlines was established in 2006 under the decision of the Vietnam Shipbuilding Industry Group (Vinashin), with the expectation of developing transportation far, contributing to enhancing Vietnam's maritime position on the world map. However, contrary to expectations, Vinashinlines continuously suffered losses, losses and were involved in many financial scandals. After many incidents, in March 2014, Vinashinlines authorized lawyers to submit a request to open bankruptcy proceedings at the Hanoi People's Court. This is considered the first official legal procedure to "eliminate" this enterprise. On August 19, 2015, Vinashinlines' legal representative submitted a request to open bankruptcy proceedings.
At the Credit Conference on November 23, 2024, creditors voted to approve the company's bankruptcy proposal. Therefore, Vinashinlines ceased operations from May 5, 2025. According to the decision to declare bankruptcy of the Hanoi People's Court, Vinashinlines' guaranteed debt will be temporarily transferred to Vietnam National Shipping Lines - VIMC (VIMC) for management.
The parties receiving the mortgage include: BIDV Bank, Vietnam Development Bank (VDB), Vietnam Shipbuilding Industry Finance Company Limited (VSFC), and Shipbuilding Industry Corporation (SBIC) - which are required to receive the commercial document and process the assets to recover the debt.
The handling plan includes re-evaluation and auction of collateral (TSDB) to pay off debts to creditors with guarantees. If the collateral value is not enough to pay off all the collateral, the remaining debt will become unsecured debt. Conversely, if the collateral value is greater than the collateral debt, the difference will be entered into Vinashinlines' assets to pay other debts.
The debt secured by mortgage will be paid in the amount of money collected from handling the collateral. After handling, if the collateral value is not enough to pay the entire debt, the remaining debt will be paid during the asset liquidation process of Vinashinlines.
For the New Energy ship - currently under repair - all rights and obligations under the shipbuilding insurance contract and civil liability of the Vietnamese ship owner with MIC Insurance Company will be transferred to the receiving unit of the policy, VSFC.
Accordingly, VSFC must be responsible for settlement payments with MIC and third parties within the scope of the insurance contract. The entire remaining amount after settlement will be transferred to the account of the competent civil enforcement agency (CMA).
Currently, there are 2 TSTCs, which are two investment projects that have been handed over in terms of assets but have not been handed over in terms of finances between Vinashinlines and related units, including:
The 100,000 DWT oil tanker construction project (now transferred to the Vietnam Oil and Gas Group). However, up to now, the parties have not yet agreed on financial data and handed over the debt.
The investment project to build a container ship 1,730 TEU (No. 1 - New Vision) has been handed over to Ha Long Shipbuilding Company Limited, but the parties have not yet completed the financial agreement and handed over the debt.
The Hanoi People's Court requested VIMC and related parties to compare and agree on financial data/debt in accordance with legal regulations and report to the competent authorities for updating to the list of creditors.
Vinashinlines' declaration of bankruptcy is a warning for many state-owned enterprises about the role of risk management, financial transparency and compliance with the law.
