Vinashin gets government approval for bonds issue

Vietnam Shipbuilding Industry Group, the state-owned company known as Vinashin, has 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 with Bloomberg from the northern port city of Quang Ninh.? The company received money from a $750 million bond sale by Vietnam’s government in 2005, its first in a foreign currency.