Bank helps finance Vinashin

A $200 million credit agreement to expand and upgrade Vinashin’s shipbuilding yards has been signed between the Vietnam Shipbuilding Industry Corporation (Vinashin) and Fortis Bank.

Under the agreement, the Belgian bank will finance Vinashin’s projects in the form of export credits with common clauses of terms, interest rates and insurance charges.

To raise its localisation rate to over 60%, Vinashin will have to mobilise around $1 billion from different sources to enlarge its current shipbuilding and repair yards.

It also plans to set up a ship research and development centre with a test basin.