The Ministry of Transport announced on Thursday that the Shipbuilding Industry Corporation (SBIC) would be set up to replace the troubled Vietnam Shipbuilding Industry Group (Vinashin), which nearly  collapsed in 2011 due to its financial losses. 

The wholly State-owned SBIC, with a chartered capital of 9,520 billion VND, will operate as a parent company with eight subsidiaries.  SBIC will take responsibility for building and repairing ships and floating equipment, as well as for recycling and breaking up old ones.  They will also provide a consultation service for technical designs. 

In addition, the SBIC will become involved in the operation of domestic seaports and wharves, along with support industries for the shipbuilding sector, and the towing and pushing of boats and barges.