Vinashin to Step up Viet Nam Shipbuilding Industry with Int'l Bonds

The Viet Nam Ship Building Industry Corporation (Vinashin) says that a government loan of US$750 million issued to invest in the ship-building industry has inspired the company to prepare issuance of bonds onto international market in hope of making Viet Nam an industry powerhouse.

Vinashin Financial Company and departments and offices under the corporation have established a working group on international bonds led by Vinashin’s Vice Director-General Nguyen Quoc Anh.

The group is preparing documents on the corporation’s operation and finance for verification.

The Prime Minister has recently approved a project for Vinashin to become an economic consortium. The company itself aims to make Viet Nam the world’s fourth biggest ship-building country, and it hopes that issuing international bonds will help it accomplish this goal.

Established in 1996, Vinashin has so far reached a total investment capital of VND15,000 billion and a total turnover of VND33,170 billion. Its annual growth rate is 35 to 45 percent, and the company has signed total shipbuilding contracts with foreign partners worth up to US$5 billion.

By Minh Giang – Translated by Thuy Hang

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