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Halong-Fangchenggang sea route reopens

Director of provincial Department of Culture, Sports and Tourism, Ha Quang Long said the inauguration ceremony of the route is expected to take place on April 12 at Hon Gai Vinashin Port in Halong city.

Vinashin gradually stabilizes production and business

On April 9, Vinashin’s Party Committee held its second Party Congress for the 2011-2015 term in the presence of politburo member and Deputy Prime Minister Nguyen Sinh Hung, who is also head of the Steering Committee for restructuring the Vinashin group.

Ca Na debacle a tough lesson

According to a Government Office announcement, Prime Minister Nguyen Tan Dung agreed with Ninh Thuan People’s Committee to revoke the investment certificate of the long-delayed $9.8 billion Ca Na steel manufacturing complex project. The agreement put an end to the so called “illusive project”, which was registered for investment by Malaysia’s Lion Group and financially-troubled Vinashin three years ago. The case leaves lessons for local authorities, responsible for attracting foreign direct investment (FDI) to their provinces under the government’s decentralisation policy.

Vietnam looks to new growth strategy

Experts say the woes are in part the result of the country’s faltering attempt to build South Korean-style business conglomerates, like Samsung, as highlighted by the near-bankruptcy of state-owned shipbuilder Vinashin. Foreign investors and analysts have pushed for greater state-sector efficiency while warning that the country’s impressive economic growth will be threatened unless the government can restore economic stability.

Vinashin signs contracts for building 16 new ships in 2011

In the plan for 2011, the group has valid contracts with 87 ships worth $1.387 billion; contracts for building 16 new ships have recently been signed with value of $377 million. In addition, Vinashin will further promote ship-repairing contracts as this is a favourable market and the efficiency is generally higher than shipbuilding. The group will focus on investing into the remaining items of the facilities for support industries, improving product quality to meet the requirements of building ships for export, supplementing equipments and enhance the capacity of the shipyards.

Chinese firm rents debt-laden Vinashin cruise ship

The contract will cost the Lianyungang CK Ferry Ltd Company $16,500 per day to use Vinashinlines’ Hoa Sen cruise ship, which was designed to be a three-star floating hotel following European Union standards.

Vinashin gets Vietnam government loans at 0% interest rate to pay workers

The loans to Vinashin, as the company is known, will have a maximum maturity of 12 months, the directive from Prime Minister Nguyen Tan Dung said on the government’s website, without giving a value. They will help the company pay wages, severance allowances and social, health and unemployment insurance.

Vinashin aims to complete 64 ships, regain ‘prestige’

The group handed over 22 ships worth $241 million in the first eight months of the year, it said in an e-mailed statement in Hanoi Friday. It will complete 42 more ships by the end of 2010, the company, also known as Vinashin, said without giving a dollar value.

Vietnam economy affected by Vinashin’s misfortune

In 2008, Vinashin’s international bonds were traded in the market with annual dividend of 24-27 percent, which showed the very high risk. Now because of Vinashin case, Vietnam’s cost for mobilizing international capital (both government and businesses) will rise.

Explosive trading leads to sharp rise on VN-Index

Trading volume soared to 89.1 million shares worth over VND2 trillion (US$98.9 million) changing hands. The markets heard this morning that the Government will allow Vinashin to take out a zero interest loan from the Viet Nam Development Bank from February next year to help the beleaguered shipbuilder to pay off debts and compensate its officials and engineers.

 

S&P downgrades Vietnam on susceptible bank sector

S&P warned on Dec. 13 that exposure to Vinashin, or Vietnam Shipbuilding Industry Group, was likely to damage the creditworthiness and balance sheets of some Vietnamese banks.

Vietnam's bad debt hits 2.5 pct in 2010 -report

The ratio will be higher if the loan of less than 26 trillion dong ($1.33 billion) banks extended to state shipbuilder Vinashin was included, Governor Nguyen Van Giau was quoted by the Vietnam Economic Times newspaper as saying.

Vinashin in difficult situation, to arrange full capital repayment after one year

After a year of restructuring, Vinashin would certainly arrange funds to pay the existing debts. This information was said in the interview with Vietnam News Agency regarding the rejection of foreign creditors represented by Credit Suisse on Vinashin’s moratorium proposal. Talking about the lastest news that foreign banks have refused to postpone Vinashin’s first term payment on December 20, Su said in 2007, Vinashin issued $600 million bonds through Credit Suisse. Under the agreement, Vinashin must pay $60 million every six months for ten times.

Vinashin works way out of trouble

Since early November, Nam Trieu Shipbuilding Industry Corporation, a wholly owned subsidiary of Vinashin in northern Haiphong City, has resumed long-delayed plans for building 53,000 dead weight tonnage (dwt) vessels, 56,000dwt vessels and 750 twenty-foot equivalent unit vessels. Truong Thanh Hung, head of the corporation’s Production Planning Department, said two, 53,000dwt vessels could be handed over to Vietnam National Shipping Lines by the end of this month.

Vietnam produces its first electric cables for ships

The Middle Area Construction and Shipbuilding Industry Company (Macshinco), an affiliate of Vinashin Group, officially handed over 20 tonnes of ship electric cables to the Saigon Shipbuilding Industry Corporation on December 16 at the Hoa Khanh Industrial Zone in the central city of Danang.


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