Vinalines to issue bonds on int'l financial market

20/03/2007 -- 4:19 PM

Ha Noi (VNA) - The Viet Nam National Shipping Lines (Vinalines) will increase its contacts with Moody's and Standard and Poors to find out its trust index to make preparations for the issuance of its bond on the international financial market. To the target, Vinalines, the largest shipping company in the country, plans to set up its branches in Japan, the European Union and the US and other major export-import partners of Viet Nam in order to collect market information and promote its trademark. In the meantime, Vinalines will expand its relations with international financial organisations and other foreign and domestic prestigious partners to mobilise capital for investment. In the near future, Vinalines will borrow around 200 million USD from City Group of the US and 150 million USD from Deutsche Bank AG of Germany to invest in developing its vessel fleet, seaports and maritime services. Of late, Credit Suisse of Switzerland agreed to provide 1 billion USD in loan to Vinalines to develop its vessel fleet, build seaports' infrastructure facilities and develop maritime services. According to Vinalines' 2006-2010 development plan and orientation for 2020 that have been approved by the Prime Minister, the company needs around 51 trillion VND with 33.7 trillion VND going for its vessel fleet development and 13.3 trillion VND for capital construction.-Enditem
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