Vinalines to borrow $32 mil. for large cargo vessel

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State-owned Vietnam National Shipping Lines has borrowed nearly US$32 million from banks to buy a large cargo vessel.

According to contracts signed Thursday in Hanoi, Vinalines will borrow $16.375 million from Vietnam Private Bank (VPBank) and $15.5 million from Ocean Commercial Joint Stock Bank (OceanBank) to buy the 56,057 DWT bulk carrier Sunny Glory. 

The boat, built in Panama in 2006, is expected to expand markets for Vinalines, especially where there is demand for the transport of ore, iron and other raw materials..

The loans will be returned in eight years.

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