According to the Vietnam Shipbuilding Industry Group (Vinashin), the actual volume of capital the group received from the previous $750mil worth of bond issuance was $731.45mil. Vinashin has to pay $51.56mil in interest annually, twice a year, through its account at BIDV.
Vinashin has allocated the sum of money to 180 projects listed in the development plant for 2006-2010. 50% of the sum of money has been reserved for upgrading, expanding and building new shipyards, 30% for the projects aiming to localising shipbuilding products (steel and engine production), including the project on building the factory making container wall at the Lai Vu Industrial Compex, 30,000 TEU a year. The remaining 20% will be used to develop a fleet with the total loading capacity of 300,000 DWT.
A leader of Vinashin’s Financial Company said that by April 30, VND7,400bil ($462mil) had been disbursed. Around VND650bil ($40.62mil) has been recovered from projects that have become operational already, and then have been re-invested in other projects.
The sums of money awaiting disbursement have been put under the management of Vinashin’s Financial Company, and will be loaned to Vinashin’s members to fund their production projects (VND3,700 or $231.25mil by April 30). The other money has been deposited at banks.
In general, Vinashin earned the interest rate of 8% last year from capital maintenance and development before disbursement, higher than the interest rate Vietnam has to pay bond holders, the official said.
He also said that Vinashin has programmed the debt payment. The total value of the orders Vinashin will fulfill has reached $10bil, 65% of which will be for export. Meanwhile, Vinashin can recover capital from investment projects within 10 years.
According to the Ministry of Finance, the Government will issue $1bil worth of international bonds in September. The money to be raised from the bond issuance will be allocated to three enterprises.
Some $700mil out of the $1bil will be injected in the Dung Quat oil refinery, which will help it to reach $2.5bil in investment capital.
A sum of $240mil will be loaned to Vinalines (Vietnam Shipping Lines) to develop its fleet. The project on the fleet development has been approved by the Ministry of Transport, which said that the investor can recover capital within 5-7 years.
Vinalines’s report (not clear if it was audited or not), showed that in 2006, the corporation’s turnover was VND11,241bil ($702.56mil), and the profit was VND551bil ($34.43mil).
The remaining $60mil is expected to be given to the Song Da Corporation, which will undertake the Xe Ca Man 3 hydropower project in Laos. The power plant, once operational, will provide electricity to Laos and Vietnam.
Vinashin has allocated the sum of money to 180 projects listed in the development plant for 2006-2010. 50% of the sum of money has been reserved for upgrading, expanding and building new shipyards, 30% for the projects aiming to localising shipbuilding products (steel and engine production), including the project on building the factory making container wall at the Lai Vu Industrial Compex, 30,000 TEU a year. The remaining 20% will be used to develop a fleet with the total loading capacity of 300,000 DWT.
A leader of Vinashin’s Financial Company said that by April 30, VND7,400bil ($462mil) had been disbursed. Around VND650bil ($40.62mil) has been recovered from projects that have become operational already, and then have been re-invested in other projects.
The sums of money awaiting disbursement have been put under the management of Vinashin’s Financial Company, and will be loaned to Vinashin’s members to fund their production projects (VND3,700 or $231.25mil by April 30). The other money has been deposited at banks.
In general, Vinashin earned the interest rate of 8% last year from capital maintenance and development before disbursement, higher than the interest rate Vietnam has to pay bond holders, the official said.
He also said that Vinashin has programmed the debt payment. The total value of the orders Vinashin will fulfill has reached $10bil, 65% of which will be for export. Meanwhile, Vinashin can recover capital from investment projects within 10 years.
According to the Ministry of Finance, the Government will issue $1bil worth of international bonds in September. The money to be raised from the bond issuance will be allocated to three enterprises.
Some $700mil out of the $1bil will be injected in the Dung Quat oil refinery, which will help it to reach $2.5bil in investment capital.
A sum of $240mil will be loaned to Vinalines (Vietnam Shipping Lines) to develop its fleet. The project on the fleet development has been approved by the Ministry of Transport, which said that the investor can recover capital within 5-7 years.
Vinalines’s report (not clear if it was audited or not), showed that in 2006, the corporation’s turnover was VND11,241bil ($702.56mil), and the profit was VND551bil ($34.43mil).
The remaining $60mil is expected to be given to the Song Da Corporation, which will undertake the Xe Ca Man 3 hydropower project in Laos. The power plant, once operational, will provide electricity to Laos and Vietnam.