Vietnam’s state-owned shipbuilding behemoth Vinashin, which navigated into a sea of red ink in 2010, leaving behind US$4.5 billion in debt and a flock of outraged creditors, may be about to be refloated, sources say. The company itself, officially known as Vietnam Shipbuilding Group, remains a mess. It appears it will probably be downsized to focus on just ship-building, with the grandiose aim of becoming a world leader in shipbuilding put to rest. That would mean hiving off a flock of unrelated subsidiaries, which is going to take considerable time. It is also to be refloated in such a way as to stick the Vietnamese government with the risk from a guaranteed bond that muddies their debt distribution profile.