Banks Guarantee Vinashin's Freighters

Three Vietnamese state-run banks September 22 signed a contract to jointly guarantee the Vietnam Shipbuilding Industry Group (Vinashin)’s construction of five 53,000-DWT freighters worth $144.25 million.

 

Accordingly, the Bank for Investment and Development of Vietnam (BIDV), the Bank for Agriculture and Rural Development (Agribank) and the Saigon Commercial Joint Stock Bank (Saigonbank) will work as the guarantors for the shipbuilding. Particularly, BIDV was the biggest guarantor, spending $56.62 million guaranteeing Vinashin’s cargo ships, accounting for 78.51 per cent of the total contract value.

 

These five guaranteed ships are amongst the sixteen 53,000-DWT freighters Vinashin has built for the UK-based Graig Investments Group.

 

Vinashin will continue signing contracts to build additional five ships in the forthcoming time, lifting the total number of 53,000-DWT ships to 21, said the shipbuilding group.

 

In other sources, Vinashin has contracted with the Hyundai Mipo Dockyard to set up a Hyundai-Vinashin joint venturewhich is capable of repairing 100,000-DWT ships.