Vinashin to Issue US$1Bln Int'l Bonds
Vietnam’s largest shipbuilder Vinashin will issue global bonds worth $1 billion to raise funds for its ambitious future investment projects, State media runs.
The proceeds will finance the construction of modern dockyards, ship parts factories and ship engine plants, aiming to raise the locally sourced component ratio to 70 per cent in a couple of years, it added, quoted a source from the Vinashin’s Directors Board.
The unlisted Vinashin, or Vietnam Shipbuilding Industry Group in full, is in the final steps of preparing for its maiden international bond issue, the Board of Directors said.
However, no timeline for the issue has been made available.
In 2005, Vietnam launched its maiden sovereignty bonds, valued at $750 million, and the entire amount was lent to Vinashin for its expansion.
Presently, Vinashin is inviting the world’s two leading credit rating firms, Moody’s and Standard & Poors, to work out Vinashin’s credit rate.
The state-backed Vinashin reported revenues of nearly VND11,500 billion (US$718.75 million) in 2006, up 44.1 per cent on year. This year, the group targets to raise revenues to VND18,500 billion (US$1.16 billion). (Labour)
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