Under a government decision released on Friday, the sale of notes with maturities of between five and ten years will help finance the shipbuilder’s projects to expand the Pha Rung Shipyard in Hai Phong City and increase the capacity of Ha Long Shipbuilding Company in Quang Ninh Province.
Vinashin said on Tuesday the group was facing a financial crunch as 15 percent of its contracts were canceled due to the financial crisis.
General Director Ngo The Viet was quoted by newswire VietNamNet as saying that $750 million worth of sovereign bonds lent to the shipbuilder and another $600 million foreign loan only accounted for 40 percent of its capital demand.
A recent report of the National Assembly Standing Committee found that the shipbuilder had run up massive debts of VND3.8 trillion, or 91.4 percent of total debt owed by the country’s seven industrial groups.
Source: TN, Agencies |
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