The Government has agreed that the Vietnam Shipbuilding Industry Corporation (Vinashin) can issue bonds worth VND3,000 billion and borrow VND10,000 billion from domestic banks and US$400 million from foreign banks to ensure sufficient capital for its main projects.
Vinashin is expected to issue international bonds worth US$400 million for the first time early next year.
The group is discussing the scheme with banks, prestigious firms and investors.
By the end of 2007, Vinashin had total assets worth more than VND80,000 billion. The group’s sales revenue reached VND21,000 billion, while its finance operations were estimated at VND3,800 billion with after-tax profit of over VND720 billion. Since the beginning of this year, it has earned VND14,000 billion, equivalent to 49 percent of its annual plan.
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