Experts have warned that some Vietnamese shipping firms, incurring big debts, will soon follow Hanjin and file for bankruptcy. At least two – Vinashinlines and Falcon – have been following procedures to declare bankruptcy.

Having a book value of VND1 trillion and original investment capital of VND1.6 trillion, the ships of Vinashinlines may eventually be sold at scrap iron prices as complicated bankruptcy procedures have stalled its operations.

 Shipper initiates bankruptcy process; DOC issues preliminary decision on shrimp duty; Sacombank shareholders greenlight merger; Each Vietnamese bears USD886 in public debt; Vietnam’s new e-customs system proves effective

At a press conference last week, Deputy Minister of Transport Nguyen Hong Truong said 90 percent of the ships that had anchored at overseas ports for a long time of the Vinasin Ocean Shipping Company or Vinashinlines were sold.

"The crew is still provided with expenses for food and subsistence allowance from the VND200 billion loan of the Government, but wages and other things will be paid after the ships are solved," said the Deputy Minister of Transport.

Confirming to leave the ship after three days to save their lives, New Horizon's 20-member crew did sign an "ultimatum" to Vinashinlines, asking for an emergency rescue.

VietNamNet Bridge - Nearly two months trapped in the port of Kolkata, India, the crew of Cai Lan 4 ship sent a letter home to ask for help, but Vinashinlines leaders could not help and told them to wait.