Vietnam's Vinashin will sell $181 mln of bonds

Vietnam's Shipbuilding Industry Group, known as Vinashin, will sell VND3 trillion ($181 million) of bonds to raise capital for development projects, according a statement on the government's Web site.

"The bonds, which are denominated in Vietnamese dong, will be sold to overseas investors based either in Vietnam or internationally," Nguyen Quoc Anh, the company's deputy general director and chief business officer, said by telephone Wednesday.

Vietnamese Deputy Prime Minister Nguyen Sinh Hung approved state-owned Vinashin's plan to loan $400 million from international lenders and VND10 trillion from local banks, the statement said Wednesday.

Vinashin, based in Hanoi, will use the loans and proceeds from the bonds to expand its factories and to build crude oil tankers, Anh said.

Thanhnien

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