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Vinashin plans $600 million bond sale for new ships   2009-12-28 - Bloomberg

Vietnam Shipbuilding Industry Group, the state-owned company known as Vinashin, won government approval to sell as much as $600 million of bonds overseas to fund construction of new ships.


Vinashin plans to raise between $400 million and US$600 million in a dollar-denominated bond sale, “hopefully within the first quarter next year and with a government guarantee,” Chief Business Officer Nguyen Quoc Anh said in a phone interview from the northern port city of Quang Ninh.

The Hanoi-based shipbuilder needs as much as $4 billion to build vessels to meet rising demand in Vietnam as economic growth accelerates, according to Anh. The company received money from a $750 million bond sale by Vietnam’s government in 2005, its first in a foreign currency.

Vietnam in February started commercial operations at Dung Quat, the country’s first oil refinery, which has capacity for 6.5 million metric tons of crude a year. Eighty percent of Dung Quat’s output will be transported by sea, according to Vietnam Oil & Gas Group, the plant’s state-owned operator.

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