The Government Inspectorate will finally begin the long-delayed inspection of the financially-troubled Vietnam Shipbuilding Industry Corporation (Vinashin) in June.

It will look into the shipbuilder’s debts, investments, some poorly performing projects, and the use of bank loans.

The agency’s deputy chief, Mai Quoc Binh, told the media Wednesday the inspection was to have been done last year but Prime Minister Nguyen Tan Dung had ordered for it to be put off since the global downturn had impacted most state-owned corporations.

There has been a public outcry over reports that Vinashin had frittered away by investing in non-core businesses US$750 million the government pumped into it in 2005 and a $600 million loan from the Hong Kong-based Credit Suisse Bank in 2007.

The State Bank of Vietnam places the company’s debt at VND19.8 trillion ($1.03 billion) and said a number of its projects have ground to a halt.

For instance, oil tanker Dung Quat 01, work on which began in 2006 and was scheduled to wrap up by March 2008, is yet to be delivered.

A $170 million Floating Production – Storage and Offloading (FSO) tank system for the country’s first oil refinery at Dung Quat, which was scheduled for delivery last July, too has yet to be delivered.

The Government Inspectorate said Vinashin had invested VND3.3 trillion ($172 million) in other areas as of 2008, and its VND144 billion ($7.5 million) investment in stocks had yielded no profit.

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