Vietnam Reins In State-Run Shipbuilder's Expansion
da: The Wall Street Journal
Vietnam’s prime minister suspended the chairman of one of the country’s biggest companies amid concerns it could be on the verge of bankruptcy after a period of aggressive expansion.
Pham Thanh Binh, chairman of Vinashin, a state-run shipbuilding conglomerate, was removed to allow a review of his performance while police investigate alleged wrongdoing, the government said in a two-sentence statement Wednesday. Efforts to reach Mr. Binh and a government spokesman were unsuccessful. A receptionist at Vinashin said no one was available to discuss the matter.
The government move marked a setback for Mr. Binh and a blow to Vietnamese efforts in recent years to promote its many state companies, which continue to dominate key sectors of the economy even as Vietnam opens up to foreign investment.
Prime Minister Nguyen Tan Dung encouraged the companies, which include Vinashin, Vietnam Electricity Group, and state oil giant Vietnam Oil & Gas, or PetroVietnam, to expand rapidly in recent years in a bid to…