The State-run Shipbuilding Industry Corporation (SBIC) is to restructure152 subsidiaries in 2015, General Director Vu Anh Tuan revealed at aconference setting the year’s tasks on January 16.

Thecorporation will sell stakes in 28 companies and dissolve 43 otherswhile another 39 will be filed for bankruptcy in the year, he noted.

Lastyear, SBIC completed the restructuring of 42 subsidiaries, bringing thetotal number of its restructured firms to 100 so far.

As much as135 million USD of foreign debt and 16.61 trillion VND (790.95 millionUSD) of domestic debt was also restructured, and SBIC is still workingon it.

The corporation generated nearly 5.72 trillion VND (272.38million USD) in production value in 2014, about 4.74 trillion VND(225.71 million USD) of which coming from shipbuilding and repairservices.

Its total revenue from both core and non-coreactivities was estimated at 7.64 trillion VND (363.8 million USD) lastyear, representing 128.96 percent of the set target.

SBIC expectsto earn nearly 7.22 trillion VND (343.8 million USD) in 2015,accounting for 94.46 percent of the 2014 figure, with 4.72 trillion VNDfrom shipbuilding and 375 billion VND from repair activities.

State-ownedenterprise restructuring is part of the economic restructuring schemestated in the National Assembly’s Resolution No.10/2011/QH13 on thesocio-economic development plan for 2011 to 2015. Public investment andthe banking system are also being restructured.

Among 479 SOEs subject to the reorganisation in 2014 and 2015, 143 hadbeen equitised by December 25, 2014, while 14 others were merged, threedissolved, three sold, and three filed for bankruptcy, according to theSteering Committee for Business Renovation and Development.-VNA