On the afternoon of August 8, at a working session with the Ministry of Industry and Trade delegation led by Minister Nguyen Hong Dien, Mr. Tran Phuoc Hien - Vice Chairman of Quang Ngai Provincial People's Committee reported on the restructuring and production activities of Dung Quat Shipyard (DQS).

Mr. Tran Phuoc Hien - Vice Chairman of Quang Ngai Provincial People's Committee informed about the restructuring and production and business activities of Dung Quat Shipyard.

Accordingly, regarding the handling plan for Dung Quat Shipbuilding Industry Company Limited. Implementing the direction of the State Capital Management Committee at Enterprises (Committee) in Document No. 690/UBQLV-NL dated April 19, 2023 on implementing the direction of Deputy Prime Minister Le Minh Khai related to Dung Quat Shipbuilding Industry Company Limited (DQS), Vietnam Oil and Gas Group reported to the State Capital Management Committee the plan to continue restructuring DQS.

Quang Ngai province has also given written opinions agreeing to implement the DQS restructuring plan, aiming to improve the financial situation, improve competitiveness, continue to create jobs for workers, ensure security factors, production capacity, contribute to the restoration of Vietnam's shipbuilding industry, in accordance with the planning for the development of Dung Quat economic zone and the strategy for sustainable development of Vietnam's marine economy to 2030, with a vision to 2045.

On June 20, 2024, at the meeting on policies and solutions for DQS, Deputy Prime Minister Le Minh Khai directed the State Capital Management Committee at Enterprises and PVN to urgently complete the Project to submit to competent authorities to ensure that the solution is feasible, effective, and meets the required goals and deadlines.

Production and business activities of Dung Quat Shipyard have improved (Photo: Contributor)

Regarding the production and business activities of Dung Quat Shipbuilding Industry Company Limited, DQS's business results in the last 5 years 2019-2023 have increased compared to the period 2016-2018. Revenue over the years 2019-2023 have all increased.

Revenue in 2022 is 757.08 billion VND , reaching 190% compared to 2021 (396.03 billion VND) and 180% compared to 2018 revenue (421.22 billion VND) .

Revenue in 2023 is 790.77 billion VND , reaching 104% compared to 2022. Total profit for 5 years in the period 2019-2023 is 65 billion VND, EBITDA (profit before tax, interest and depreciation) is positive 353 billion VND, showing that DQS has made profit on variable costs and partially offset costs.