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Gov’s gives nod to Vinashin loans
Deputy Prime Minister Nguyen Sinh Hung on September 24 allowed the Vietnam Shipbuilding Industry Group (Vinashin) to access financial resources totalling more than 1.18 billion USD to realise its key projects.
Of the funds, Vinashin will be permitted to issue corporate bonds worth 3 trillion VND (182 million USD) and get commercial loans from local banks for 10 trillion VND (606 million USD), according to the Government website.
In addition, it will be permitted by the Government to access foreign commercial loans valued at 400 million USD.
The financial resources will be used to implement ship-making contracts for overseas partners, deals with the Vietnam National Oil and Gas Group; projects for the Dung Quat ship-making factory in the central province of Quang Ngai ; and other infrastructure construction works.
According to the website, Hung asked the Vinashin management board to scrutinise all important projects, build up specific routes for each project to find out appropriate commercial loans and then work with each bank for financing.
According to the deputy prime minister’s requirement, the Vietnam Development Bank (VDB) and commercial banks will take responsibility for carrying out commitments with Vinashin, specially warranting essential financial resources for its contracts.
Particularly, the Bank for Investment and Development of Vietnam will bankroll some 2.7 trillion VND, the Vietnam Bank for Industry and Trade funds 2 trillion VND, around 3 trillion VND from VDB, 2 trillion VND from the Bank for Agriculture and Rural Development and other financial institutions will handle the remaining 300 billion VND.
Over the past decade of operation, Vinashin raised its ownership capital from 100 billion VND to approximately 6 trillion VND.
It is slated that next month the Ministry of Finance (MoF) will coordinate with Vinashin to appraise and make the official announcement of its charter capital basing on audited financial reports.
Hung also requested that the MoF cooperate with the Steering Committee for Enterprise Renovation and Development, and other relevant State bodies to valuate its assets, classify its ownership capital and State-owned capital, suggest solutions for adjusting and supplementing charter capital and then report to the Government for approval.
Additionally, he asked the MoF to issue guiding documents to evaluate its trademark as a visible asset for contribution to joint ventures.
Vinashin plans to notch up a revenue of 24.9 trillion VND in the second half of this year, from ship-making, construction, transportation, trade and services.
VNA
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