VNEconomyNews.com - The Viet Nam Shipbuilding Industry Group (Vinashin) saw its revenues fall by 81.5 per cent over the first three months this year, reported the Ministry of Transport.
The State-owned shipbuilding giant's revenue reached only VND282 billion (US$13.4 million) during the first three months of the year.
The ministry said this information was included in its report on the overall implementation of transport sector last year and in the first three months this year.
The ministry attributed the group's declining revenue to cumbersome administrative procedures on import of equipment that hinder the group reaching production deadlines. As a result, Vinashin's manufacturing value in the first three months only reached VND960 billion ($45.7 million) or 10.4 per cent of its yearly plan and a 72.3 per cent year-on-year decrease.
According to Vinashin, it is building a series of new cargo and container vessels ranging from 22,500 DWT to 56,200 DWT.
The report also said that total revenues for the entire transport sector stood at VND1.111 trillion ($52.9 million), a 55 per cent decrease over the same period last year.
The lack of State finance for the transport sector was attributed to the low revenues of the whole sector, especially investment capital from Government bonds, the report said.
In addition, the shortage of counterpart capital for land clearance also slowed work, especially for ODA financed projects.